STX OSV advises shareholders to reject Fincantieri offer

Due to 'insufficient compelling reasons'.

According to OCBC Investment Research, the Board of STX OSV, following the advice of Independent Financial Adviser (IFA) Ernst & Young Corporate Finance, has recommended shareholders to reject the offer made by Fincantieri to acquire the remaining shares in STX OSV. 

Here's more:

According to the IFA, the S$1.22 offer is not attractive and there are "generally insufficient compelling reasons to recommend the acceptance of the offer". This development was not surprising as we have always felt that the offer price was too low. We maintain our view that the offer will likely not succeed. We currently have a BUY rating with S$1.52 fair value estimate.