mixed-results-for-delistings-in-singapore

Mixed results for delistings in Singapore

Templeton questions MBKÆs offer to buy out minority shareholders in AsiaPharm, while TecityÆs plan to delist Straits Trading gets a fillip as the competing bidder withdraws.
March 03, 2008
Delisting hopefuls in Singapore have achieved mixed results this week with MBK hitting a hurdle in its $252 million plan to delist AsiaPharm, and Tecity moving a step forward in its $1.5 billion bid for Straits Trading.

The bid by private equity firm MBK Partners for AsiaPharm was in focus yesterday when Templeton Asset Management president Mark Mobius said the fund was ônot convinced by the offerö. Mobius says the offer price ôseverely undervalues AsiaPharm and is highly disadvantageous to minority shareholdersö. He also claims that full disclosure about the agreement between MBK and AsiaPharm's directors has not been provided to minority shareholders.

Templeton was responding to a tender offer announced...
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