Reply To: Takeover Defense Strategy


Paul Yuen

One interesting case is the failed Sabana -ESR REIT merger in Singapore. In this case, the acquirer failed to get the support for two important activist minority shareholders, Quartz Capital Management and Black Crane Capital. The failure to engage these two activists resulted in they mobilizing minority shareholders to vote against the merger on the reason of the offer was at a sharp discount to the REIT book value.

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