Wednesday, October 12, 2011

S P Setia yet to get competing offer

KUALA LUMPUR: S P Setia Bhd has yet to receive a competing offer from other interested parties to purchase the company's shares and warrants following the proposed takeover by Permodalan Nasional Bhd (PNB).

The property developer said on Wednesday, Oct 12'' that 'as at todate, there has been no competing offer'.

To recap, S P Setia had on Sept 28 decided to seek a competing offer after it was served with a takeover notice by PNB whose shareholding reached 33.16% or 590.502 million shares.

PNB had then offered RM3.90 per share, which based on the last traded price of RM3.50, was a 40 sen premium. PNB also offered to acquire the remaining warrants, which it does not own, at 91 sen per warrant. This is 45 sen or 97.8% above the last closing price of 46 sen.

However, this offer was rejected by S P Setia which said: "Based on external valuations of the company by investment analysts published before receipt of the offer, that the shares offer and warrants Offer fundamentally undervalues the company".

Instead, the board decided to seek a competing offer from other interested parties to make an offer to purchase the company's shares.

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