Prof Mak and his team has given us a very good 2 part summary of the broken allianz.
BROKEN ALLIANZ WITH INCOME
The S$40.58 a share offered by Allianz would have looked much less attractive if the NAV per share had not fallen so significantly to S$29.55 after 31 December 2021. In fact, the NAV per share was S$40.67 as at 31 December 2021, very close and marginally above the offer price. Going as far back as 2017, the NAV per share against which the offer price was compared was a historical low. The fall in NAV was discussed in Part 1.
https://bschool.nus.edu.sg/cip/wp-conten..._final.pdf
https://bschool.nus.edu.sg/cip/wp-conten..._final.pdf
BROKEN ALLIANZ WITH INCOME
The S$40.58 a share offered by Allianz would have looked much less attractive if the NAV per share had not fallen so significantly to S$29.55 after 31 December 2021. In fact, the NAV per share was S$40.67 as at 31 December 2021, very close and marginally above the offer price. Going as far back as 2017, the NAV per share against which the offer price was compared was a historical low. The fall in NAV was discussed in Part 1.
https://bschool.nus.edu.sg/cip/wp-conten..._final.pdf
https://bschool.nus.edu.sg/cip/wp-conten..._final.pdf