SP Setia Bhd has received a revised takeover offer of RM3.95 for each share and RM0.96 sen for each warrant from Permodalan Nasional Bhd (PNB).
In a statement, SP Setia said its chief executive officer Tan Sri Liew Kee Sin and PNB had agreed to be joint offerors to work in partnership and reinforce their mutuality of interest to grow the value of the company.
Under the revised takeover offer, PNB, Liew and SP Setia will enter into a management agreement for Liew to remain as group president and CEO of the company for three years following the close of the revised offer price.
"The revised offer was arrived at after negotiations between the parties which sought to balance the board's responsibilities to secure the best possible outcome for the minority and non-interested shareholdres of SP Setia along with PNB's responsibility to preserve value for its own unitholders," the statement said.
SP Setia said as a joint offeror, Liew would not be accepting the revised offer. Instead, he would hold on to his direct shareholding in SP Setia amounting to 158.2 million shares, representing approximately eight per cent of the company.
Liew said the joint offer would provide a fresh launching pad for the company to continue pursuing its quest to create even greater value for all stakeholders. - Bernama
In a statement, SP Setia said its chief executive officer Tan Sri Liew Kee Sin and PNB had agreed to be joint offerors to work in partnership and reinforce their mutuality of interest to grow the value of the company.
Under the revised takeover offer, PNB, Liew and SP Setia will enter into a management agreement for Liew to remain as group president and CEO of the company for three years following the close of the revised offer price.
"The revised offer was arrived at after negotiations between the parties which sought to balance the board's responsibilities to secure the best possible outcome for the minority and non-interested shareholdres of SP Setia along with PNB's responsibility to preserve value for its own unitholders," the statement said.
SP Setia said as a joint offeror, Liew would not be accepting the revised offer. Instead, he would hold on to his direct shareholding in SP Setia amounting to 158.2 million shares, representing approximately eight per cent of the company.
Liew said the joint offer would provide a fresh launching pad for the company to continue pursuing its quest to create even greater value for all stakeholders. - Bernama
