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Drew acting for Temasek Holdings in its offer to take SMRT private

25 Jul 2016

Drew & Napier is acting for Temasek Holdings in its offer to take SMRT private. Directors Sandy Foo, Farhana Siddiqui and Maryam Menon from the Corporate/M&A team are advising on the transaction.

Temasek’s  wholly-owned Belford Investments proposed to acquire the 46 per cent of SMRT not owned by Temasek at S$1.68 per share for 702 million shares under a scheme of arrangement. The offer values SMRT at S$2.57 billion. 

The scheme is subject to (a) shareholders approval at a scheme meeting to be convened and at which Temasek cannot vote; and (b) court sanction.

If the scheme is successful, SMRT will become a wholly-owned subsidiary of Temasek and will be delisted from the Singapore Exchange (SGX), 16 years after it went public.

There has been extensive coverage of this deal in the press, including The Straits Times, The Business Times, Lianhe Zaobao, Today, CNA and Bloomberg.