By Jason NG
Nikkei Markets
KUALA LUMPUR (Jun 23) -- Wing Tai Malaysia and an appointed independent advisor Mercury Securities recommended that minority investors accept a takeover offer from the property developer's major shareholders.
The 1.80-ringgit-per-share takeover offer by Wing Tai Holdings and Wing Tai Investment & Development is "not fair but reasonable," Mercury Securities said in a circular to shareholders. The offer isn't fair because it represents a discount of as much as 49.86% of estimated fair value of Wing Tai shares, it said.