M1 Likely to Be Taken Private at SGD 2.06 per Share
Two of M1's existing shareholders, Keppel and Singapore press holdings, have made a pre-conditional voluntary general cash offer to M1 shareholders to take over the company at SGD 2.06 per share. Given the 26% premium to the prevailing share price and the uncertain near-term future with a new competitor set to launch mobile service within the next six months, we would expect the offer to be successful. We would not anticipate a competing offer given the existing two shareholders already own 33% ...M1 is a communications company, providing mobile and fixed services to customers. Co. is an operator that provide fourth generation (4G) service, as well as fixed broadband, fixed voice and other services on the Next Generation Nationwide Broadband Network. Co. and its subsidiaries are engaged in the provision of telecommunications services, international call services and fixed services, retail sales of telecommunication equipment and accessories, and customer services. Co. makes available to its mobile and fixed-line customers International Direct Dial services through the 002 and 021 prefixes, as well as a International Calling Card service using prefix 1818.
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