San Miguel offers RM3.50 per Esso Malaysia share

KUALA LUMPUR: San Miguel Corporation has made a surprisingly low offer of RM3.50 per share for a controlling 65% stake in ESSO MALAYSIA BHD [] from its parent ExxonMobil International Holdings Inc.

News about the proposed transaction saw Esso Malaysia’s share price surge 61 sen to close at RM4.95 with 3.07 million shares done on Bursa Malaysia on Wednesday, Aug 17.

Esso Malaysia told Bursa Malaysia it had received a copy of a press notice from San Miguel on its proposed acquisition of the 65% stake or 175.50 million shares. The acquisition for the 65% would be RM614.25 million.

“As SMC’s holding of the voting shares of Esso Malaysia will increase from nil to 65% upon completion of the proposed acquisition, San Miguel will be required to extend a mandatory take-over offer to the remaining shareholders of Esso Malaysia in accordance with the Malaysian Code on Take-Overs and Mergers 2010. Completion of the proposed acquisition is subject to the fulfilment of certain conditions precedent,” it said.

aiyo, offer prc only 3.50 ...

cham lo those who chased up till 4.95 tmr suicide loh ...