Sime Darby Extends Closing Date For UMW’s Takeover To Jan 31

Sime Darby Bhd is extending the closing date for the acceptance of its RM5 per share offer for the unconditional takeover bid of UMW Holdings Bhd by about two weeks later to Jan 31 from than the original deadline of Jan 17.

In a Bursa filing today (Jan 12), CIMB Investment Bank Bhd, on behalf of Sime Darby, said Sime Darby has already accumulated 94.15% of UMW’s total issued shares as at 5pm today.

“The extended closing date is to allow more time for the holders to accept the offer. A notice of the said extension will be posted to the holders accordingly,” the house said.

Last week, Kenanga Research deemed the unconditional mandatory takeover offer by Sime Darby Bhd to acquire the remaining shares in UMW Holdings Bhd at RM5 per share as “not fair but reasonable”, advising shareholder to accept them.

On Dec 13, Sime Darby completed an acquisition of a 61.2 per cent stake in UMW from its parent company Permodalan Nasional Bhd (PNB) at RM5 per share or RM3.57 billion, making Sime Darby the new major shareholder of UMW.

This is followed by a mandatory general offer to buy the remaining 38.82% stake at about RM2.27 billion.

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