SMS FVE Increased to AUD 1.84 Following Last-Minute ASG Bid
We have increased our fair value estimate for SMS to AUD 1.84 per share following the takeover offer from ASG Group. The ASG offer comprises AUD 1.80 in cash but also enables SMS to pay a fully franked dividend of up to AUD 0.10 per share, or AUD 0.14 including franking credits. If a dividend is paid, the value of the offer will decrease by the value of the unfranked dividend, meaning the maximum potential value of the ASG offer to Australian tax payers is AUD 1.84, including franking credits.T...
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