0334 GMT - Investors shouldn't accept the unattractive offer from Aelios for Suntec REIT's units, Morningstar's Xavier Lee says in a research report. Aelios recently increased its ownership of the REIT's units to 30% or more, requiring the investment holding company to make a mandatory general offer for the REIT, the equity analyst notes. The offer price of S$1.16 per unit in cash doesn't reflect the REIT's intrinsic value, the analyst says. To encourage unitholders' acceptance, the offer price should be at or above Morningstar's fair value estimate of S$1.38 per unit, the analyst says. Given the unit price has climbed above S$1.16 following Aelios' announcement, investors can get more value by selling in the open market, the analyst adds. Units are 2.4% lower at S$1.20. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
December 08, 2024 22:34 ET (03:34 GMT)
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