KUALA LUMPUR: Integrax Bhd’s board has recommended that shareholders reject the revised offer by Tenaga Nasional Bhd (TNB) at RM3.25 a share.
It said the updated underlying value per Integrax share of RM3.60 to RM3.66 per share remains at a material premium of 10.8 per cent to 12.6 per cent to the revised offer price.
“Major shareholder Amin Halim Rasip has confirmed that he would reject the revised offer,” the port terminal operator said in the supplemental letter on the revised conditional takeover by TNB to Bursa Malaysia yesterday.
Integrax had considered the details of the revised offer as well as the evaluation and recommendation by M&A Securities Sdn Bhd.
The company said the revised offer is ‘not fair’ having considered the revised offer price vis-à-vis the value per Integrax share ranging from RM3.60 to RM3.66.
However, it is ‘reasonable’ having considered the historical trading activity of Integrax shares and the absence of a competing or alternative offer, it said. — Bernama
On Feb 25, TNB revised its offer price to purchase Integrax’s shares.
The revised offer remains open for acceptances up to 5 pm on March 31, 2015.
TNB had on Jan 9 submitted a notice to Bursa Malaysia for the proposed purchase of the Integrax shares it did not already own.
The nation’s power supplier is eyeing the remaining 78 per cent that it does not own at an offer price of RM2.75 a share.
As at 4pm, Integrax’s share rose two sen to RM3.20. — Bernama