MEASAT Global gets RM4.20 buyout offer

MEASAT Global Network Systems Sdn Bhd (MGNS), which holds 59.56 per cent stake in MEASAT Global Bhd, is proposing a conditional take-over offer to acquire the rest of the equity interest in the latter at RM4.20 per share.

MEASAT Global shares were last traded at RM3.80 per share yesterday. It was suspended today to make way for the take-over offer announcement.

CIMB Investment Bank Bhd and Maybank Investment Bank Bhd on behalf of MGNS, said the offer was conditional upon having been validly accepted by the holders of not less than nine-tenths in the nominal value of MEASAT Global shares and also obtaining the necessary approvals (90 per cent acceptance).

They said the 90 per cent acceptance condition is to be fulfilled by 5.00pm on or before the close of the offer, which is not later than 60 days from the date of posting the offer document.

They said MGNS does not intend to maintain the listing status of MEASAT Global in the event it is unable to comply with the shareholding spread requirement of Bursa Malaysia Securities, which is at 20 per cent of MEASAT's issued and paid-up capital, as a result of acceptances received pursuant to the offer.

MGNS is a wholly-owned subsidiary of Medai Nusantara Sdn Bhd, which in turn is a wholly-owned subsidiary of MAI Holdings Sdn Bhd. -- BERNAMA