Thursday, 26 April 2012

SEG down 5% on takeover offer

KUALA LUMPUR (April 26) : SEG INTERNATIONAL BHD [] fell as much as 5% on updates that its major shareholders made a takeover offer for the remaining shares in the higher-education provider.

Shares of SEG declined nine sen to RM1.72 before trading higher at RM1.74 at 11.45am with some 900,000 shares done.

Private equity firm Navis Capital has made a takeover offer for the remaining shares it does not own in SEG. This follows a shareholders’ agreement between Navis and SEG managing director Datuk Seri Clement Hii Chii Kok, who is also the single-largest shareholder in the education entity.

This has, in turn, triggered a mandatory general offer obligation for the remaining stake in SEG. Navis which already owns 27.84% in SEG is offering RM 1.714 for each share and RM1.214 for each warrant in the higher education firm.

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