Boustead Projects

[Bibi]

Scenario 2:
If I accepted the offer at S$0.95 then and managed to buy BSL at low price of S$0.8, I would have gotten 11,875 shares of BSL. 
The dividend I would have gotten is 0.25+now declared 0.15, totaled to S$475.

So the difference of scenario 1 vs scenario 2 is S$2440 - S$475 = S$1965.
Or 20% more than if I accepted then.

I think you should also take into account the fact that the market is valuing BSL higher now as compared to few months back. Plus, what price you will be able to reinvest your BP proceeds into BSL when you have received it.

Having said that, I think your strategy of accepted half and keep half looks sound to me. At least you won't miss out on BSL upside as you hold onto some of your BP shares currently.

That's true, but it could also be that BSL price later on would be lower. So I'd not think too much into that.

Actually I preferred to keep at least 80% but I was unpleasant of the possibility of holding unlisted BP and relying on Management who in first place not taking care of minority shareholders. 

Below from ps.... quite interesting though:
"Regardless, I think it is good to remember the outcome here and use this case in evaluating future offers like this at other listed companies."

When I hazard a possible future scenario of BSL offering S$0.90-0.95 and knowing what they have done with BP, would I keep 100% and not accepting the offer?
After considering, I think I would still take the same decision, accept 50% keep 50%.

The thought of getting stuck in unlisted BSL with lowball-offer Management (if ever be) is quite unpleasant even to imagine.

I am a shareholder of BSL for many yrs. BSL has to take care of its own shareholders. If the table is turned around and say BP were to offer 0.95 vs 1.18 to take over BSL. How will u feel? Will u feel as a shareholder of BP yrself. Will u feel BP is offering a low ball offer to BSL and shld give BSL higher?