The RM9.16 billion cash buyout of MISC Bhd fell through yesterday after Petroliam Nasional Bhd (Petronas) failed to get at least 90 per cent acceptance level.
Minority shareholders of nearly 14 per cent MISC voting shares rejected the offer, leaving Petronas with only 86.07 per cent voting shares, or 3.84 billion units, at the close of the
acceptance at 5pm.
This was just 3.93 per cent shy of the 90 per cent needed for the national oil company to make the MISC takeover happen.
The shipping company, in a filing to Bursa Malaysia yesterday, said owners of 23.4 per cent voting shares had accepted as at the
closing day, adding to Petronas’ existing 62.67 per cent
It is not immediately known whether Petronas plans to make a new revised offer.
MISC said Petronas will return all the shares to shareholders
who has accepted the offer within 14 days.
Petronas on April 5 revised its offer price for MISC shares to RM5.50 each after the shipping group’s second largest shareholder, the Employees Provident Fund (EPF), said the
original offer of RM5.30 per share was low.
Last Thursday, the EPF agreed to sell its 9.5 per cent stake at the revised RM5.50 per share.
The move was seen as giving Petronas the upper hand in soaking
up the rest of MISC shares in what is generally considered by
some analysts as a “not fair but reasonable” deal.
The likes of Kenanga Research and RHB Research had recommended
minority shareholders to accept the revised offer.
As if sensing that the takeover was not going to happen, investors sent MISC’s shares down yesterday.
The stock fell 14 sen to RM5.30, making it the fourth biggest loser on Bursa Malaysia. It was also among the most active stocks with a total of 79.23 million shares traded.