Navigant Corporate Advisors Ltd ("Manager to the Offer") has submitted to BSE a copy of Recommendations of the Committee of Independent Directors (IDC) on the Open Offer to the Shareholders ....
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Farmico International Private Limited has launched an Open Offer to acquire up to 7,75,310 equity shares (25.36% stake) of Simandhar Impex Limited at Rs. 30 per share in cash. The Committee of Independent Directors (IDC) has recommended shareholders to accept the offer, stating the price is fair and reasonable. The offer price matches what the acquirer is paying in the Share Purchase Agreement (SPA) and exceeds the independently certified fair value of Rs. 27.55 per share. The IDC noted the company has negative profitability and the shares are infrequently traded. Navigant Corporate Advisors is the Manager to the Offer.
The IDC's recommendation of 'fair and reasonable' with the offer price above fair value suggests the offer is likely to succeed. Shareholders holding shares below Rs. 30 may benefit from accepting the offer, but those who believe in higher intrinsic value may reject it.