WHEN Chip Eng Seng Corporation (CES) last month issued a circular in relation to the privatisation offer from its major shareholders, it was interesting to note the independent financial adviser’s (IFA) opinion on the deal.

The offer of S$0.75 per share represented a steep 43.9 per cent discount to CES’s revalued net asset value (RNAV) per share.

But the IFA, Xandar Capital, deemed the offer to be “fair and reasonable” – and recommended shareholders accept it.