MISC; Do not accept offer; Offer price: RM5.30; MISC MK
In the Independent Advice Circular to MISC’s minority shareholders, AmInvestment Bank (AIB) stated its view that the offer to privatize MISC is not fair but reasonable and that minorities should accept the offer. AIB said that the offer at RM5.30/share is not fair as it was below its Sum-of-Parts (SOP) Value of between RM5.69 to RM6.10 per share. However, AIB believes the offer to be reasonable considering other factors including outlook of the shipping industry, MISC’s prospects and risk in realization of vessel market values. In our view, minorities should not accept the offer (closing at 5pm 19 March) for the following the reasons:-
Source: HwangDBS Research - 11 Mar 2013
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MISCMISC take over will postpone not cancel by Petronas,or Petronas will buy warrant to increase equity up to 90 percent
2013-03-12 19:06
Hold on to itlah....must be really juicy if petronas want to take it private. Easy to streamline the business and make it lean...then relist just the lng and fpso budiness segment to extract more funds
2013-03-12 21:53
lotsofmoney
GLC never failed. It is unthinkable. Petronas will always be there whenever things go sour.
2013-03-11 14:29