The takeover offer for M3nergy Bhd has been extended for a second time, from tomorrow to Aug 3, after the extension from the first closing of June 25.
Its group managing director and CEO Datuk Shahrazi Sha’ari and his wife Datin Tinawati Nordin, through Adamus Avenue Sdn Bhd, is seeking to take it private at RM1.85 per share. Shahrazi and his wife each owns 50% of Adamus.
In a statement yesterday, M3nergy said Adamus held a 83.29% stake as of July 6 — about 6.71% shy of its target.The offer has been steadily gaining acceptances from 62.19% of voting rights in M3nergy as at June 22.
A previous effort to privatise M3nergy in August 2008 by the company’s largest shareholder Melewar Group at an offer price of RM1.20 per share had failed with minority shareholders at the time reportedly saying the bid was too low compared with its net tangible assets (NTA) per share of RM3.30. When the offer closed in November 2008, Melewar had secured acceptances from only 72.78% of the voting rights.
Melewar Industrial Group Bhd executive chairman Tunku Datuk Ya’acob Abdullah had last month voiced that the group was adamant in disposing of M3nergy, even if the current privatisation attempt failed.
Melewar, which still controls 64.93% of M3nergy as at Aug 10, 2009, has accepted Adamus’ offer.
The current offer gives a 16 sen or 9.47% premium over M3nergy’s closing price of RM1.69 on May 14, before the stock was suspended pending the takeover announcement. However, it is still at a discount of 42% to M3nergy’s consolidated NTA per share of RM3.19 as at March 31, 2010.
The stock yesterday closed at RM1.80, down two sen or 1%, with 26,000 shares changing hands.
This article appeared in The Edge Financial Daily, July 8, 2010.
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