SINGAPORE: A year-long spat between activist funds and a small real estate investment trust (REIT) over a merger is nearing a climax in Singapore, a battle that could embolden more investor dissent in a sleepy market dominated by retail shareholders.
The activists say a proposed deal between Sabana REIT and ESR-REIT, whose managers are both owned by a unit of Asian logistics giant ESR Cayman Ltd, undervalues Sabana REIT and are confident of blocking it.
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