Saturday September 22, 2012
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.
The company also said if the completion of its takeover of BRDB resulted in violation of the public spread requirement, it would withdraw the listing status of the latter from the official list of Bursa Securities. AmInvestment Bank Bhd, the independent adviser for the deal, which deemed the offer of RM2.90 per share and RM1.80 per warrant as “not fair but reasonable”, had advised minority shareholders to accept the offer.