KUALA LUMPUR: Sime Darby Bhd says its takeover offer for the remaining shares it does not own in UMW Holdings Bhd is now unconditional as it has held more than 50 per cent of voting shares.
Sime Darby had on Dec 13 completed an acquisition of a controlling stake in UMW for RM3.57 billion, making it the new major shareholder of UMW.
On Aug 24, Sime Darby made headlines after announcing to the local stock exchange that it was buying a 61.2 per cent stake in UMW - whose top-selling brands are Perodua and Toyota - in a deal deemned as a game-changer in the automotive industry.
It was proposing to pay RM5 per share, an 8.0 per cent premium to UMW's last traded price of RM4.62, which was also its 52-week high after a steady rise since July 11 when it was trading at RM3.80.
The acquisition involved the purchase of UMW shares from Permodalan Nasional Bhd and Amanahraya Trustees Bhd as trustee for its unit trust funds.
CIMB Investment Bank Bhd, on behalf of Sime Darby, informed Bursa Malaysia today that the offer would remain open for acceptance until 5pm on Jan 17 next year, unless extended or revised.
Sime Darby had said it did not intend to maintain the listing status of UMW on Bursa's Main Market.
The acquisition involves the purchase of UMW shares from Permodalan Nasional Bhd and Amanahraya Trustees Bhd as trustee for its unit trust funds.
As of 2.50pm, Sime Darby's share price was up by one sen to RM2.37, giving it a market capitalisation of RM16.8 billion, while UMW's share price was flat at RM4.98, valuing it at RM5.82 billion.
