The voluntary conditional cash offer price of PAG for Chunquan Trust is as high as $4.85, but the current stock price of Chunquan is only $4.06, which is 16% discount to the offer price, reflecting that the market has no high hopes for the conditional offer. The main reason is believed. It was related to the pledge of the PAG’s proposal to remove the Spring REIT administrator last year.
According to the voting results of the special shareholders meeting in November last year:
PAG proposed that the resolution of the recall manager (Spring REIT Asset Management Co., Ltd.) could not be passed due to the opposition of 793.5 million shares. 793.35 million shares, equivalent to 62.5% of the total issued shares of 1.269 billion shares, if the 62.5% equity is the true shareholding of major shareholders, managers and their friendly people, and assuming that these 793.5 million shares will firmly support the major shareholders and The manager, all will not accept the offer, then PAG’s offer must end in failure!