SINGAPORE (Nov 8): ARA Asset Management on Tuesday announced a joint proposal by a consortium led by group founder and chief executive officer John Lim to privatise the company in a takeover offer at S$1.78 per scheme share. ( See also : John Lim-led consortium mulls ARA Asset Management buyout)At this offer price, which exceeds the highest closing price of ARA shares over the past 2.5 years, the company is valued at close to S$1.8 billion. JLIG, Straits Trading, and Cheung Kong Property are the existing controlling shareholders of ARA with a collective stake of 46.24% as at Nov 8. The consortium said the successful completion of the acquisition will not trigger any takeover offer for any publicly listed REITs currently managed or owned by ARA. Units of ARA Asset Management last closed at S$1.495 on Nov 3.

Source: The Edge Markets November 08, 2016 11:00 UTC