BRDB takeover offer becomes unconditional

KUALA LUMPUR: The offer to takeover Bandar Raya Developments Bhd (BRDB) has become unconditional as the buyer, Ambang Sehati Sdn Bhd, has secured acceptances of a whopping 43% of the target company’s shares, a mere three days after the independent advise was sent to shareholders.

This bring’s Ambang Sehati’s shareholding in BRDB to 61.25%, significantly above the 50% threshold that makes its offer unconditional. Ambang Sehati had held a 18.25% stake in BRDB prior to this and had earlier made an offer of RM2.90 each to acquire all the BRDB shares it did not already own and RM1.80 each for all outstanding warrants in BRDB.