Singtel's acquisition of Optus: not fair but reasonable nevertheless

Optus'' independent adviser breaks new linguistic ground.

Steven Irvine

May 21, 2001

For those who might think that Singtel is paying too much for Optus (i.e. anyone who lives in Singapore), think again. The independent adviser to the board of Optus has come out with the shock opinion that far from paying too much, the offer is actually “unfair”.

Indeed, independent adviser, Grant Samuel has broken new ground in M&A terms. For while the boutique says the offer is “unfair”, it paradoxically recommends the offer and says “while it is not fair, it is reasonable”. As a result, the directors of Optus have recommended the deal to shareholders.

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