Suntory, a leading Japanese food and beverage group, said yesterday that it was seeking to delist Cerebos Pacific from the Singapore Exchange as part of a drive to take stronger control of its disparate Southeast Asia businesses.
The Japanese group already owns 83% of Cerebos and is planning to transfer its shares to Suntory Beverage Food Asia, which it created last September to spearhead its regional strategy. It has offered to pay S$6.60 $5.30 a share to buy out the minority shareholders, valuing Cerebos at S$2.1 billion and representing a 22.7% premium to the closing price of S$5.38 on Monday, the last trading day before the stock was suspended. Based...
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