Media Prima Bhd (MPB) has again extended the deadline of its proposed takeover of The New Straits Times Press (M) Bhd (NSTP) to Aug 20 with all terms of its outstanding offer remaining unchanged.
MPB is offering RM2.40 per share, to be satisfied by issuance of six shares of RM1 each in MPB at an issue price of RM2 each and one free warrant, for every five NSTP shares accepted.
At at July 22, MPB said it had received acceptance amounting to 196.6 million shares, representing 90.5% of the listed shares of NSTP, with the remaining shareholders still resisting MPB’s offer. To compulsorily acquire all the shares in NSTP, MPB must secure 90% of the remaining shares it does not already own.
In a statement yesterday, MPB gave no reasons for the extension, although it was presumably to allow the remaining NSTP shareholders additional time to accept the offer.
Two weeks ago, the regulator gave its approval for the delisting of NSTP. MPB had already twice extended the deadline of its takeover offer in December last year to Jan 4 and again in late July to Aug 6.
MPBs initial proposed privatisation of NSTP in October 2009 was not well received by minorities at its initial one-for-one offer as it was less than half its book value.
It was subsequently revised to 1.2 Media Prima shares for every one NSTP share.
MPB now expects the exit offer and delisting of NSTP to be completed by the third quarter of the year. MPB’s shares ended unchanged at RM2.19 while NSTP was last traded at RM2.51, before its shares were suspended from July 30, 2010.
At the current share swap ratio and market prices, an NSTP shareholder holding 5,000 shares worth RM12,550 will receive 6,000 MPB shares worth RM13,140 and 1,000 MPB warrants worth RM575, or a total value of RM13,715, some 9.3% higher than the value of the NSTP shares.
by Melody Song
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