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Sias urges NeraTel shareholders to reject Ennoconn's mandatory offer
The Straits Times
|October 11, 2024
Taiwan-listed Ennoconn Corp's bid to acquire Nera Telecommunications (NeraTel) at 7.5 cents a share is being met with opposition, with the Securities Investors Association (Singapore), or Sias, advising shareholders to reject the offer.
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In a statement on the evening of Oct 9, Sias founder and chief executive David Gerald pointed out that this sentiment was shared by both the appointed independent financial adviser (IFA) SAC Capital - which believed that the price was "not fair and not reasonable" - and NeraTel's independent directors.
The word "mandatory" in the offer description does not mean that all shareholders are legally obliged to accept the offer, he added.
This story is from the October 11, 2024 edition of The Straits Times.
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