KUALA LUMPUR, Nov 14 — Genting Bhd has extended the closing date for its voluntary takeover bid for Genting Malaysia Bhd (GENM) to 5pm on December 1, pushing it back from the earlier deadline of November 24.
The extension follows the offer turning unconditional on November 3 after Genting and its concert parties crossed the 50 per cent shareholding threshold, The Edge reported yesterday.
“In view of the above, the present unconditional voluntary takeover offer has become an unconditional mandatory takeover offer on Nov 13,” Genting's principal adviser AmInvestment Bank said in a statement.
The adviser also stated that Genting now holds 3.23 billion GENM shares, representing 57.008 per cent of the company’s issued shares excluding treasury stock.
According to The Edge, Genting yesterday bought an additional 34.93 million shares on the open market, contributing to a total of 114.47 million shares accumulated during the offer period, equivalent to a 2.02 per cent stake excluding treasury shares and valid acceptances.
The RM2.35-per-share offer price represents close to a 10 per cent premium to GENM’s last traded price of RM2.14 on October 10 before trading was halted for the announcement.
The takeover notice was issued on October 13 when Genting held 49.36 per cent of GENM.
At Thursday’s close, Genting’s shares eased two sen to RM3.50, valuing the company at RM13.57 billion, while GENM ended unchanged at RM2.36 with a market capitalisation of RM13.95 billion.
