Southern Capital offers $0.360 per share to acquire RE&S Holdings

The offer exceeds the company's audited net asset value per share.

RE&S Holdings received an acquisition offer from Southern Capital Group for $0.360 per share, valuing the company at $127.4m. 

Euphoria Investments made the offer through a scheme of arrangement by Southern Capital Group.

The scheme consideration represents a 56.5% premium that exceeds the Initial Public Offering price of $0.220 in 2017 and the audited net asset value per share of $0.116 as of 30 June 2023.

An alternative offer of $0.330 in cash and 0.083143 new offeror shares is also open for RE&S shareholders.

Euphoria Investments has secured the support of shareholders in favour of the scheme, holding 84.1% of all shares.

RE&S offers a diverse portfolio of F&B brands specialising in Japanese cuisine, including Ichiban Boshi, Kuriya Japanese Market, and Gokoku.

DBS is the sole financial advisor to Southern Capital Group for this deal.