Just over a week ago, ING was hired by the independent directors of Smartone to offer its opinion on whether independent shareholders should accept Sun Hung Kai's general offer to buy Hong Kong telco, Smartone.
SHK made its offer at HK$8.25 a share, which amounted to a major discount to Smartone's previous closing price of HK$8.80 a share. Sun Hung Kai was forced to make a general offer when its shareholding tipped over 30%.
ING has given its verdict. It has said the offer is not fair and reasonable and advises independent shareholders not to accept the offer.
But, then again, it is not quite that simple. ING goes on to caution those...