PETALING JAYA: Petroliam Nasional Bhd (Petronas) has failed in its bid to privatise MISC Bhd, with acceptance from shareholders amounting to 86.07%, or 3.93% short the 90% shareholding level to make the offer unconditional.
In a filing with Bursa Malaysia yesterday, CIMB Investment Bhd, on behalf of Petronas, said the latter would return all MISC shares that had been transferred into Petronas' central depository system account to the respective shareholders within 14 days.
Petronas needed to achieve a 90% acceptance level for the offer to become unconditional, thereby paving the way for the stock's delisting.
It had first bid to privatise the shipping company on Jan 30 and had extended the deadline last month when its offer failed.
On April 5, Petronas revised the offer price up to RM5.50, 20 sen higher than its previous offer price of RM5.30, following resistance from the Employees Provident Fund (EPF), which had held out for a higher price. It would have had to fork out RM9.2bil, about RM400mil extra, to take its shipping arm private.
The EPF, which held the largest minority block at 9.5%, accepted the offer at the revised offer price on April 11.
It was earlier expected that Permodalan Nasional Bhd, which owns 6.35% of MISC, would follow in the EPF's footsteps, and support the deal.
Independent adviser AmInvestment Bank Bhd had concluded that the revised takeover offer was “not fair” but “reasonable”, and advised minority shareholders to accept the revised offer.
It said the offer was “not fair” as the revised offer price represented a discount of between 3.3% and 9.8% to the range of the indicative sum-of-parts valuation of RM5.69 to RM6.10 per MISC share.
The offer was “reasonable” after considering the risks and challenges the shipping industry faced.
Yesterday. the stock fell 14 sen to RM5.30, representing a 2.57% drop. Some 7.3 million shares changed hands.
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