ARA Asset Management on Tuesday announced a joint proposal by a consortium led by group founder and chief executive officer John Lim to privatise the company in a takeover offer at $1.78 per scheme share. At this offer price, which exceeds the highest closing price of ARA shares over the past 2.5 years, the company is valued at close to $1.8 billion. The consortium, which has proposed the privatisation and delisting of ARA from the SGX-ST, comprises Lim’s JL Investment Group (JLIG) along with Straits Trading Company and Cheung Kong Property, in partnership with Warburg Pincus and Avic Trust. JLIG, Straits Trading, and Cheung Kong Property are the existing controlling shareholders of ARA with a collective stake of 46.24% as at Nov 8. The takeover will be undertaken through a scheme of arrangement by offeror Athena Investment Company (Cayman), a special purpose vehicle incorporated for the ......