SINGAPORE (Nov 5): CGS-CIMB Securities is downgrading M1 to “hold” with an unchanged target price of S$2.06 on expectations the Voluntary General Offer (VGO) will go through and that Axiata is unlikely to make a counter-bid at a much higher price.

As at 1.31pm, shares in M1 are trading 1 cent lower at S$2.10.

“Other shareholders will accept the VGO, says Foong, as M1’s share price will likely drop if the VGO is called off,” says... (Click here to read the full story)