At a glance: Temasek’s buyout offer for SMRT

SINGAPORE — Temasek Holdings has offered to take public transport operator SMRT private. Here’s the buyout offer at a glance:

KEY NUMBERS

• Temasek is offering S$1.68 for each SMRT share, putting the buyout offer at around S$1.18 billion for 46 per cent of the shares it does not already own.

• SMRT shares have been suspended since Friday and last traded at S$1.545 each.

• Temasek’s offer values SMRT at S$2.57 billion.

WHEN WILL THE DEAL TAKE PLACE?

• Temasek-SMRT are expected to apply to the court for a shareholders meeting around end-August this year.

• The meeting is expected to take place in September or October this year.

• If shareholders approve, the deal is expected to be effective from October or November this year. A successful deal will privatise SMRT and take it off the SGX, becoming a wholly-owned subsidiary of Temasek Holdings.

KEY PLAYERS

• Temasek, SMRT’s majority shareholder, cannot vote at the meeting.

• Minority shareholders will decide the outcome of the buyout offer.

• Merrill Lynch and Credit Suisse are the respective financial advisers for SMRT and Temasek in this deal.

HOW THIS AFFECTS SHAREHOLDERS

• Temasek’s offer price represents a 10.8 per cent premium over the 12-month period Volume Weighted Average Price (VWAP) of $1.516 per SMRT share prior to the last trading day.

HOW THIS AFFECTS SMRT STAFF

• The SMRT management has given its assurance that no SMRT staff will lose his or her job as a result of the move to take the public transport operator private.