KUALA LUMPUR: Sime Darby Bhd, through Sime Darby Enterprise Sdn Bhd, has extended the closing time for the acceptance of its offer to purchase shares in UMW Holdings Bhd at RM5 a piece, to 5 pm, Jan 31, 2024.
The offer period was initially to end on Jan 17, 2024.
CIMB Ivestment Bank Bhd, on behalf of Sime Darby, said the level of acceptances of its offer as at 5.00 p.m. today, was at 94.15 per cent of the total issued UMW shares.
An independent advice circular by Kenanga Investment Bank on Jan 8, 2024 advised shareholders to accept the RM5 a share offer, deeming it not fair but reasonable.
The offer was considered not fair because the offer price is a discount of 10.84 per cent to 16.90 per cent to the estimated value of between RM5.608 and RM6.017 per UMW Share.
It was considered reasonable because the offer price was still a premium from the last traded market price of UMW shares since the deal was announced; Sime Darby's plans to delist UMW Holdings and no competing offer for UMW Holdings.