PETALING JAYA: YTL Corp Bhd
's proposal to privatise YTL Cement Bhd lacks acquisition premium as the offer is slightly below the last closing price of YTL Cement at RM4.60 before the announcement on Monday.
On Monday, YTL Corp via wholly-owned YTL Industries Bhd has proposed to privatise YTL Cement by acquiring the remaining shares that it does not own via a share swap. YTL Corp made a conditional share exchange offer to buy the remaining shares and outstanding irredeemable convertible unsecured loan stocks (Iculs) in YTL Cement it does not own at RM4.50 and RM2.21, respectively. YTL Corp currently holds direct and indirect 252.24 million shares, or a 52.8% stake, in YTL Cement.
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