<iframe src="https://www.googletagmanager.com/ns.html?id=GTM-PHTV9K7" height="0" width="0" style="display:none;visibility:hidden">
Loading
Skip to Main Content
Product cover image for Super Group: Acquisition and Delisting from the Singapore Exchange

Super Group: Acquisition and Delisting from the Singapore Exchange

Ruth S.K. Tan; Allaudeen Hameed;Weina Zhang;Zsuzsa R. Huszar

Product #:9B20N033
Supplier:Ivey/NUS
Discipline:Entrepreneurship, Finance, International Business
Setting:Singapore, 2016
Details:Case (PDF) • 16 pages • 2020-09-15

Subjects:

Business managementEntrepreneurshipFinance and investingInternational business

Industries:

Fabrication and manufacturing

Geography:

AsiaSingapore
Your Price:$9.71

Purchase this material with a free Educator Account and enjoy more benefits:

  • Free Educator Copy
  • Free Teaching Notes
  • Build your coursepack
  • Discounted academic price

On November 3, 2016, Jacobs Douwe Egberts (JDE) launched a bid for Singapore-based food and beverage company Super Group Ltd. (Super). JDE had already acquired 60 per cent of the shares but needed another 30 per cent in order to delist the company and take it private. The minority shareholders of Super faced the task of evaluating whether the offer from JDE was reasonable and whether they should tender or hold on to their shares. Their decisions would depend on the valuation of Super’s shares, based on financial and other relevant and available market information.

Learning Objectives

This case is intended for use in advanced undergraduate- or graduate-level courses on corporate finance or financial management. It provides an opportunity to discuss why companies might choose to delist from an exchange. Classes can also explore the justifications behind JDE’s takeover premium. After working through the case and assignment questions, students will be able to do the following:
  • Identify the reasons for delisting a company from a major stock exchange and the effects of this action on minority shareholders of the firm.
  • Assess a firm’s weighted average cost of capital (WACC).
  • Undertake a discounted cash flow (DCF) valuation.
  • Apply the discounted dividend model (DDM).
  • Conduct a relative valuation (RV) analysis.
  • Identify the reasons behind a takeover premium.
  • Recommend viable options for minority shareholders of a company being delisted and privatized by a majority shareholder.
Loading
Case Study: Super Group: Acquisition and Delisting from the Singapore Exchange (English version) | Ivey Publishing