Bursa Community
Would you like to react to this message? Create an account in a few clicks or log in to continue.

SP Setia rejects PNB offer

3 posters

Go down

SP Setia rejects PNB offer Empty SP Setia rejects PNB offer

Post by hlk Thu 29 Sep 2011, 08:06

Kuala Lumpur: SP Setia Bhd said Permodalan Nasional Bhd's (PNB) takeover offer "fundamentally undervalues" the property developer and it will seek rival bidders.


It will also ask PNB, its single biggest shareholder with 33.17 per cent, to raise its offer price.

PNB offered RM3.90 per share and 91 sen for its warrants. SP Setia shares last closed at RM3.50, while its warrants ended at 46 sen. The counters were suspended yesterday and will resume trade today.

SP Setia said it reached its decision of not accepting PNB's offer after reviewing external valuations by investment analysts.

The unanimous decisions were taken at an emergency board meeting yesterday, save for Tan Sri Dr Wan Mohd Zahid Mohd Noordin, who is an interested director.

" ... the board, in the exercise of its fiduciary duties to protect the interests of minority shareholders, has decided to seek a competing offer from other interested parties to make an offer to purchase the company's shares.

"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," it said in a statement to Bursa Malaysia.

The board is also hiring an independent adviser to advise directors and shareholders of SP Setia. It asked shareholders not to do anything until they receive the independent advice circular.

Maybank Investment Bank Bhd (Maybank IB), on behalf of PNB, had earlier yesterday made a conditional offer for the rest of SP Setia.

The condition is that it needs to have more than 50 per cent of SP Setia for the offer to take place. However, it does not plan to take the company private.

Maybank IB said that PNB and parties acting in concert (PACs), as at September 27, held 33.17 per cent stake in the company, with the top shareholder being Skim Amanah Saham Bumiputera with a 20.75 per cent stake, PNB with 8.05 per cent and Amanah Saham Wawasan 2020 with 2.02 per cent.

Property analysts contacted by Business Times were not surprised by SP Setia's rejection, saying the offer price was not compelling enough.

"The offer price minus the price for the warrants should be more than RM4.20, based on the price PNB had paid for the shares over the last six months," said one analyst.

Analysts said it was very unlikely SP Setia president Tan Sri Liew Kee Sin, who holds 11 per cent of SP Setia, will agree to the offer.

But, PNB's decision to make a less than appealing offer and retain the listing status of SP Setia could indicate that its intention was to merely raise its stake.

In an e-mail response to Business Times, an SP Setia official said Liew has decided not to make a statement for now as he waits for full details of PNB's intentions.

hlk
hlk
Moderator
Moderator

Posts : 19013 Credits : 45112 Reputation : 1120
Join date : 2009-11-14
Location : Malaysia

Back to top Go down

SP Setia rejects PNB offer Empty Re: SP Setia rejects PNB offer

Post by ejam77 Thu 29 Sep 2011, 08:16

aiyaaa.......![You must be registered and logged in to see this image.]
ejam77
ejam77
Senior Member
Senior Member

Posts : 4011 Credits : 4489 Reputation : 69
Male Join date : 2010-12-20
Location : Pahang
Job/Hobbies : trading
Comments : u give a fish i'm will live for a day only but if u give me how to fish i'll be live longer

Back to top Go down

SP Setia rejects PNB offer Empty Re: SP Setia rejects PNB offer

Post by ESH Thu 29 Sep 2011, 08:20

ejam77 wrote:aiyaaa.......![You must be registered and logged in to see this image.]

they reject at the offered price. If PNB willing to offer at higher price then $$$
ESH
ESH
Senior Member
Senior Member

Posts : 2576 Credits : 2669 Reputation : 61
Join date : 2011-08-01

Back to top Go down

SP Setia rejects PNB offer Empty Re: SP Setia rejects PNB offer

Post by ejam77 Thu 29 Sep 2011, 08:37

ESH wrote:
ejam77 wrote:aiyaaa.......![You must be registered and logged in to see this image.]

they reject at the offered price. If PNB willing to offer at higher price then $$$

if the agree with rm 4.20 n wb will be at.......?[You must be registered and logged in to see this image.]
ejam77
ejam77
Senior Member
Senior Member

Posts : 4011 Credits : 4489 Reputation : 69
Male Join date : 2010-12-20
Location : Pahang
Job/Hobbies : trading
Comments : u give a fish i'm will live for a day only but if u give me how to fish i'll be live longer

Back to top Go down

SP Setia rejects PNB offer Empty Re: SP Setia rejects PNB offer

Post by ESH Thu 29 Sep 2011, 08:42

ejam77 wrote:
ESH wrote:
ejam77 wrote:aiyaaa.......![You must be registered and logged in to see this image.]

they reject at the offered price. If PNB willing to offer at higher price then $$$

if the agree with rm 4.20 n wb will be at.......?[You must be registered and logged in to see this image.]

lol. yea sometimes it's good to be greedy. But but but [You must be registered and logged in to see this image.]
ESH
ESH
Senior Member
Senior Member

Posts : 2576 Credits : 2669 Reputation : 61
Join date : 2011-08-01

Back to top Go down

SP Setia rejects PNB offer Empty Re: SP Setia rejects PNB offer

Post by ejam77 Thu 29 Sep 2011, 08:50

ESH wrote:
ejam77 wrote:
ESH wrote:
ejam77 wrote:aiyaaa.......![You must be registered and logged in to see this image.]

they reject at the offered price. If PNB willing to offer at higher price then $$$

if the agree with rm 4.20 n wb will be at.......?[You must be registered and logged in to see this image.]

lol. yea sometimes it's good to be greedy. But but but [You must be registered and logged in to see this image.]

yaaaaa.....sometime to greedy is good.....but DJ down yesterday....tmr is friday.....worry a bit
ejam77
ejam77
Senior Member
Senior Member

Posts : 4011 Credits : 4489 Reputation : 69
Male Join date : 2010-12-20
Location : Pahang
Job/Hobbies : trading
Comments : u give a fish i'm will live for a day only but if u give me how to fish i'll be live longer

Back to top Go down

SP Setia rejects PNB offer Empty Re: SP Setia rejects PNB offer

Post by Sponsored content


Sponsored content


Back to top Go down

Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum