LBS Bina's stake in ML Global rises to 51.2% after takeover offer expired

by **Cals** Wed 25 May 2016, 01:39

LBS Bina's stake in ML Global rises to 51.2% after takeover offer expired

By Kamarul Anwar / theedgemarkets.com | May 24, 2016 : 7:59 PM MYT

KUALA LUMPUR (May 24): LBS Bina Group Bhd's shareholdings in the roof tile manufacturer and construction firm ML Global Bhd increased by some 26 basis points only to 51.19%.

A total of 232,696 ML Global shares were sold to LBS Bina during and after the latter's unconditional mandatory takeover offer period, which closed today.

LBS Bina, however, already said when it first announced the takeover offer in April that it wants to maintain ML Global's listing status.

In a filing with Bursa Malaysia today, LBS Bina said it also received 30,000 ML Global warrants during the takeover offer period, which amounted to 0.11% of its outstanding warrants. This brings its holdings in ML Global warrants to 9.197 million or 34.38% of the available warrants.

LBS Bina triggered the mandatory takeover threshold after raising its stake in ML Global to 50.93% from 31.95% on April 11. It later offered ML Global shareholders 56 sen for every share, while warrant-holders would get six sen for every warrant should they accept LBS Bina's offer.

Independent adviser MainStreet Advisers Sdn Bhd deemed the takeover offer as "not fair" and "not reasonable", premised on the sum-of-parts valuation and the higher share price after the lifting of ML Global's PN17 status.

LBS Bina shares were flat upon closing today at RM1.57, valuing the property developer at RM876.92 million. ML Global meanwhile ceded two sen or 3.12% to 62 sen, bringing its market capitalisation to RM55.57 million.