PETALING JAYA: Public Bank Bhd
(PBB) has failed to secure more than 50% of the voting shares in LPI Capital Bhd and will return all LPI shares to the accepting shareholders.
As of 5pm on Jan 9, the closing time for the offer, PBB and the parties acting in concert (PAC) held approximately 49.57% of the total issued LPI shares and therefore did not fulfil the acceptance condition.
“The offeror did not receive valid acceptances of the offer shares which would result in the offeror and its PACs holding in aggregate more than 50% of the voting shares of LPI.
“As such, the acceptance condition has not been fulfilled,” it said in a filing with Bursa Malaysia yesterday.
Accordingly, the offer has lapsed and can no longer accept further acceptances and all acceptances shall be returned to the accepting holders and the offeror will thereafter cease to be bound by any such prior acceptances of the offer.
To recap, PBB had acquired a 44.15% stake in LPI from the estate of the late Tan Sri Teh Hong Piow and Consolidated Teh Holdings Sdn Bhd for RM1.72bil cash, or RM9.80 per share.
The bank announced that the acquisition had resulted in a mandatory general offer or MGO to acquire all the remaining LPI shares not already held by PBB for a cash price of RM9.80 per share following the acquisition.
