SP Setia Bhd, Malaysia's biggest listed developer by sales, said shareholder Permodalan Nasional Bhd made an offer to take over the company in the country's largest property acquisition in at least two decades.
CK>> No wonder PNB keep accumulating SPSetia since August until last few days.










Permodalan or PNB, Malaysia's largest state asset manager, offered RM3.90 apiece for the rest of the shares it doesn't already own, Maybank Investment Bank Bhd said in an e-mailed statement today.
CK>> "RM3.90 apiece for the rest of the shares it doesn't already own"? Good to hear that. Luckily not like E&O, where only few major shareholders get involved, but retail shareholders get nothing. Good news for SP Setia shareholders, tomorrow at least jump to 3.70-3.80.

CK>> Worth to note that PNB also offer to takeover SPSetia warrant (SPSetia-WB) @ RM 0.91 a piece. From 0.38 to yesterday closed at 0.46. Tomorrow will at least jump to 0.70-0.80.

The all-cash bid values SP Setia at RM6.9 billion. The stock surged 13 per cent to RM3.50 yesterday, the most since 1998, before being suspended from trading today. The offer represents a premium of 21.5 per cent above SP Setia's five-day volume-weighted average price of RM3.21, said Maybank, which is acting for PNB.
CK>> Insiders accumulated the shares before official announcement and trading halt. Unfair~ Haha... Now i know why yesterday surge from 3.10 to 3.50 and then trading halt. Where to get those insider news, haha... More network building are required especially to those listed companies's staffs~

This compares with an average premium of 34 per cent for 17 property deals of more than US$500 million in Southeast Asia in the past five years, according to data compiled by Bloomberg. 'If it's privatized, it would imply that Permodalan might do some internal consolidation and put all their property assets under one entity,' said Jason Chong, who helps manage about US$1 billion as chief investment officer at Manulife Asset Management (Malaysia) Sdn Bhd in Kuala Lumpur.

They also need to 'ensure that core management is still around.' The offer follows PNB's 2009 merger of three developers after buying them out. Kuala Lumpur-based SP Setia will give PNB, which manages about RM150 billion of assets, access to projects in Malaysia, Australia and Vietnam. -- Bloomberg

Source: SP Setia gets takeover offer from Permodalan http://www.btimes.com.my/Current_News/BTIMES/articles/20110928091835/Article/index_html#ixzz1ZF4lW3Oa