PNB's bid for SP Setia hostile
Malaysia's largest state asset manager, Permodalan Nasional Bhd (PNB)'s bid to take over property developer SP Setia Bhd, is deemed as hostile as the minimum 50 per cent acceptance is easily achievable.
"PNB's mandatory general offer at RM3.90 (a share is) taking advantage of week market sentiment,Tory burch handbags 50 per cent acceptance is likely achievable with Kumpulan Wang Pesaaran and Employees Provident Fund collectively having 18 per cent stake," said HwangDBS Vickers Research today.
PNB now has 33.17 per cent, which triggered the mandatory offer, SP Setia founder Tan Sri Liew Kee Sin holds 11.26 per cent and SP Setia foreign shareholding now stood at 21 per cent.
HwangDBS said PNB's offer to SP Setia was at a discount of 24 per cent to the revalued net asset value (RNAV) of RM5.Breitling watches wholesale11 and took advantage of the current weak market sentiment.
"The 11 per cent premium over the last traded price offer is lower than the 14-31 per cent range seen for previous privatisation/merger and acquisition exercises in the Malaysian property market," it said in its research report.
SP Setia's board of directors (BOD) view the offer as unattractive and are seeking for a competitive bid or higher offer from PNB,Cheap moncler jackets it said.
Hong Leong Investment Bank also echoed SP Setia's BOD view.
The investment bank said the offer in the near-term was positive,Prada handbag sale given that there was a good chance of a better offer price materialising, which in turn may drum up merger and acquisition excitement.
Malaysia's largest state asset manager, Permodalan Nasional Bhd (PNB)'s bid to take over property developer SP Setia Bhd, is deemed as hostile as the minimum 50 per cent acceptance is easily achievable.
"PNB's mandatory general offer at RM3.90 (a share is) taking advantage of week market sentiment,Tory burch handbags 50 per cent acceptance is likely achievable with Kumpulan Wang Pesaaran and Employees Provident Fund collectively having 18 per cent stake," said HwangDBS Vickers Research today.
PNB now has 33.17 per cent, which triggered the mandatory offer, SP Setia founder Tan Sri Liew Kee Sin holds 11.26 per cent and SP Setia foreign shareholding now stood at 21 per cent.
HwangDBS said PNB's offer to SP Setia was at a discount of 24 per cent to the revalued net asset value (RNAV) of RM5.Breitling watches wholesale11 and took advantage of the current weak market sentiment.
"The 11 per cent premium over the last traded price offer is lower than the 14-31 per cent range seen for previous privatisation/merger and acquisition exercises in the Malaysian property market," it said in its research report.
SP Setia's board of directors (BOD) view the offer as unattractive and are seeking for a competitive bid or higher offer from PNB,Cheap moncler jackets it said.
Hong Leong Investment Bank also echoed SP Setia's BOD view.
The investment bank said the offer in the near-term was positive,Prada handbag sale given that there was a good chance of a better offer price materialising, which in turn may drum up merger and acquisition excitement.
