Pareto Securities hasdetermined that the price tag attached to the proposed takeover of SinOceanicShipping is unfair to the Norwegian containership owner’s shareholders.
TheNordic investment bank says Sinindo Holdings Ltd’s offer to buy shares for NOK8.00 ($1.32)a piece, which implies a total equity value of around NOK 107m, doesn’t reflect“the current underlying values in the company”.
Sinindo,an affiliate of Hong Kong conglomerate HNA Group and embattled offshoot GrandChina Logistics (GCL), first announced its intention to take control of SinOceanicin June when its holding topped 53%, which triggered a mandatory offer to buyout minority shareholders.
Today,SinOceanic’s board said the offer price represents a premium of around 43.6%
