IGB will not seek an alternative bid

IGB will not seek an alternative bid
Business & Markets 2014
Written by Levina Lim of theedgemalaysia.com
Monday, 21 July 2014 19:21

KUALA LUMPUR (July 21): IGB Corp Bhd will not be seeking another party to make a counter take-over offer to it, subsequent to Goldis Bhd’s conditional take-over offer for the property firm, at RM2.88 per share last Friday.

In a filing with Bursa Malaysia today, IGB announced that its board of directors would not seek another person to make a take-over offer for the offer shares, after deliberating the take over offer at a special board meeting.

The board does not include “interested directors” in the takeover offer made by Goldis, which are: Datuk Seri Robert Tan Chung Meng, Tan Boon Seng, Tan Boon Lee, Tan Lei Cheng, Pauline Tan Suat Ming, Tony Tan @ Choon Keat, Daniel Yong Chen-I and Tan Yee Seng.

It said that Hong Leong Investment Bank Bhd has been appointed as the independent adviser, to advise the independent board and minority shareholders of IGB on the offer.

“The shareholders of IGB are advised not to take any action, until receipt of the independent advice circular,” said IGB.

Goldis, of which the Tan family has an estimated shareholding of 59%, holds a direct 30.66% of IGB Corp.

The conditional takeover offer for IGB, at RM2.88 per share, represents a premium of four sen or 1.4% to its RM2.84 closing price last Thursday.

Upon successful completion of the proposed offer, Goldis shall have majority shareholding of over 50% in IGB Corp, as opposed to the current de facto control by virtue of being the single largest shareholder at 32.19%.

IGB closed 1.41% higher at RM2.88, while Goldis dropped 3.77% to RM2.30.