Goldis rebuffs report of ‘failed’ IGB takeover bid

by **Cals** Thu 21 Aug 2014, 12:53

Business & Markets 2014

Written by Liew Jia Teng of theedgemalaysia.com

Thursday, 21 August 2014 09:47

KUALA LUMPUR: Goldis Bhd said a local daily report had incorrectly stated that its takeover offer to buy out the rest of IGB Corp Bhd did not materialise, as it has yet to issue the offer document.

Yesterday, the daily reported that the takeover offer did not materialise as Goldis had only secured 48.29% of acceptances for the IGB shares, below the 50% mark.

Goldis told Bursa Malaysia that the report also incorrectly stated that Aug 18, 2014 was the last market day for acceptance of the proposed offer.

Goldis said an application was submitted on July 17, 2014 for an extension of time to submit the offer document to the Securities Commission Malaysia (SCM).

The offer document is to be despatched within two market days from Bursa Malaysia’s clearance of Goldis’ circular to shareholders, or after the offer document is consented to by the SCM.

As at Aug 18, 2014, Goldis owned a 31.11% direct stake in IGB. Meanwhile, the persons acting in concert (PACs) with a 17.18% stake have given their irrevocable undertaking to accept the proposed offer.

The collective shareholdings of Goldis and the PACs who have provided the undertakings are at 48.29%.

“We will make the relevant announcement upon the submission of the offer document to the SCM in due course,” said Goldis.

This article first appeared in The Edge Financial Daily, on August 21, 2014.