China Merchants Holdings Pacific - CIMB Research 2016-05-10: Take the offer to steer clear of headwinds
CHINA MERCHANTS HLDGS(PACIFIC) C22.SI China Merchants Holdings Pacific - Take the offer to steer clear of headwinds
- Major shareholder Easton Overseas has made a privatisation offer for the remaining 24.12% CMHP shares that it does not own.
- The offer price of S$1.02 represents 22-26% premium over the 1- and 3-month VWAP. It represents 15.9x CY16 core P/E and 1.07x trailing P/BV.
- We think the offer price is good and minority shareholders should accept the offer.
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