Practice Makes Perfect
SP Setia Privatisation - BOD rejected the takeover offer?!
Chin Kok Tan
Publish date: Wed, 28 Sep 2011, 09:46 PM
Chin Kok Tan
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Source: http://www.thesundaily.my/news/159982
KUALA LUMPUR (Sept 28, 2011): Property developer SP Setia Bhd has asked Permodalan Nasional Bhd (PNB) to revise upwards its offer for the remaining shares that it does not already own, saying the current offer undervalues the company.
SP Setia board of directors, as part of its fiduciary duties to protect the interests of minority shareholder, also invites interested parties to make competing offers.
Malaysia's largest state asset manager, PNB, which owns 33% of SP Setia has made an offer for the remaining equity shares at RM3.90 and warrants at 91 sen a piece respectively.
"The board will also be writing to the offeror to enquire whether they are interested in revising the offer price upwards to reflect a price which is closer to the fair value of SP Setia," the company said in a filing to Bursa Malaysia.
It said the decisions were taken at an emergency board meeting convened today with the unanimous vote of all board members present save for Tan Sri Dr Wan Mohd Zahid Mohd Noordin who is an interested director.
Wan Mohd Zahid and Datuk Noor Farida Mohd Ariffin, who did not attend today's board meeting, are persons deemed connected to the offeror.
"Both the interested directors will continue to abstain from deliberating and voting at all the relevant board meetings in relation to the offer."
SP Setia said, in accordance with the Malaysian Code on Take-Overs and Mergers 2010, the board would also appoint an independent adviser, which is subject to the approval of the Securities Commission, to advise the non-interested directors of SP Setia and holders of the offer securities in relation to the offer.
In view of this development, SP Setia has requested for suspension of trading of its securities from 9am to 5pm today.
SP Setia closed at RM3.50 per share yesterday, 40 sen above the RM3.10 per share on Monday.
Source: http://www.thesundaily.my/news/159982
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Ride The Bull Short The Bear
CS Tan
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
suhayryz
That's the problem when u not acquire the BOD's share first. How about E&O? Sime already acquire the major BOD's share. RM2.30 people said crazy, but Sime already own it. Any prediction?
2011-09-29 12:05