UMW Holdings Bhd (UMWH) said there is no certainty that it will extend the proposed mandatory offer (MO) for all the remaining MBM Resources Bhd (MBMR) shares it does not already own.
In a filing on behalf of UMWH to Bursa Malaysia this morning, Maybank IB said “UMWH wishes to emphasise that there is no certainty that the MBMR Offer will lead to any conclusive or definitive understanding between the parties.”
It said an appropriate announcement will be made by the Company as and when there are material developments relating to the Proposed MBMR Acquisition.
Shareholders are advised to exercise caution when dealing in MBMR Shares and to seek independent advice if they wish to do so.
On March 26, UMWH announced that Med-Bumikar Mara Sdn Bhd and its wholly-owned subsidiary Central Shore Sdn Bhd (CSSB) had rejected the conditional offer made by UMWH for their collective 50.07% equity interest in MBMR.
“As the board is of the opinion that the conditional offer is reasonable, being at a premium to the traded share price, the board intends to continue to engage Med-Bumikar, CSSB, their respective shareholders and key principals,” UMW had then said.
UMW on March 9 made an offer to acquire Med-Bumikar’s and CSSB’s stakes in MBM Resources for RM501 million, or RM2.56 per share, representing a premium of 13.3% to MBM Resources’ five-day volume-weighted average market price of RM2.26 at the time.
At 9.02am today, MBMR dipped 0.82% or 2 sen to RM2.41 with 3.000 shares done.
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