STX OSV retains spot on SGX

After offeror Fincantieri only accumulated 55.6% shares.

STX OSV will remain listed on SGX after Italian shipbuilder Fincantieri accumulated only 55.6% shares from STX OSV. The offer period closed on March 13 at 5:30pm.

OCBC Investment Research noted that at the close of its mandatory general offer yesterday, Italian shipbuilder Fincantieri received valid acceptance of only 4.9%.

Here's more from OCBC:

This development is unsurprising to us given that the board of directors has recommended shareholders to reject the S$1.22 offer as it is not compelling. We currently have a BUY rating with a S$1.52 fair value estimate on the stock.

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