Fresh offer for Bernas

  • Business
  • Wednesday, 05 Feb 2014

PETALING JAYA: Barely a week after aborting their original offer, the parties attempting a takeover of Padiberas Nasional Bhd (Bernas) have put a second offer on the table, but with no changes to the price tag of RM3.70 cash per share.

In a filing yesterday, rice distributor Bernas said it had received an unconditional takeover offer from Perspective Lane (M) Sdn Bhd, Kelana Ventures Sdn Bhd, Seaport Terminal (Johore) Sdn Bhd and Acara Kreatif Sdn Bhd to acquire the remaining 76.7 million shares, or 16.31%, of the company.

The joint-offerers and Tradewinds (M) Bhd already hold an 83.69% stake in Bernas.

The firm had said last Tuesday that the first offer had been called off after Bernas failed to get the consent of shareholders to be delisted from the stock exchange during an emergency general meeting on Jan 27.

The takeover was conditional upon the joint-offerers obtaining the go-ahead from shareholders for the delisting.

But shareholders gave it the thumbs down, with 155 of them, or 70.45% of those present, voting against the delisting.

It is worth noting that the dissenters owned a mere 0.05% of the total shares in Bernas. Shareholders of the remaining 99.95% of the company voted in favour of the resolutions.

At RM3.70, the fresh offer values Bernas at a premium of 8.82%, or 30 sen, to its last traded price on Jan 30.

While the offer does not appear attractive, the joint-offerers are likely eyeing 90% of the total shares, or about 6.3% more than their current stake, for them to effect a compulsory acquisition of the company.

Yesterday’s offer will remain open for not less than 21 days until the closing date is announced. The joint-offerers said they did not intend to maintain the listing status of Bernas or take steps to address the shortfall in free float.

Bernas closed eight sen higher to RM3.48 on thin trade of 46,200 shares.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 7
Cxense type: free
User access status: 3

Business , bernas


Across The Star Online