KUALA LUMPUR: The Securities Commission has approved Permodalan Nasional Bhd's (PNB) takeover offer for S P Setia Bhd.
The property developer said on Friday, Oct 14, it had received the notice from Maybank Investment Bank Bhd, which is acting on behalf of PNB, that the SC 'has approved the offer under the equity requirement for public companies vide its letter dated Oct 13'.
TO recap, PNB had on Sept 28 served a takeover notice on S P Setia after its shareholding reached 33.16% or 590.502 million shares.
PNB 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 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.
The latest development was on Wednesday when S P Setia said there were no competing offers for the stake in the company.
The property developer said on Friday, Oct 14, it had received the notice from Maybank Investment Bank Bhd, which is acting on behalf of PNB, that the SC 'has approved the offer under the equity requirement for public companies vide its letter dated Oct 13'.
TO recap, PNB had on Sept 28 served a takeover notice on S P Setia after its shareholding reached 33.16% or 590.502 million shares.
PNB 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 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.
The latest development was on Wednesday when S P Setia said there were no competing offers for the stake in the company.
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