Wednesday, December 26, 2012
SC Global
SC Global: AmFraser note that 'The public's perception of SC Global's fair value is probably higher than the figure Simon Cheong has offered, and hence they are not in a hurry to accept the offer. Recall that CEO Simon Cheong offered to take SC Global private for $1.80/share, valuing it at $745m. At 61% more than the stock's 20-day average, it's the biggest premium for any acquisition of a developer in SG on record. Since then, SC Global's second-largest investor, Wheelock & Co, bought shares above the deal price, and the stock closed at $1.91 last wk, indicating that traders expect Mr Cheong to pay more.
Maybank add that Wheelock is not happy with the price and the signal to Simon Cheong by Wheelock is that $1.80 is too low. Mr Cheong may need to raise his offer by as much as 39% to win over shareholders.
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