Divergent views on FGV takeover

TheStar Sat, Jan 23, 2021 08:40am - 3 years View Original


The divergent views of the independent directors and that of the independent advisers clearly put the balance minority shareholders in a situation of uncertainty on whether to accept the offer.

IN a rare instance of a corporate takeover, the independent directors of a listed company have expressed different assessments of the deal as compared to what the independent advisers have said.

This has come about after FGV Holdings Bhd’s five non-interested directors objected to Federal Land Development Authority’s (Felda) takeover price of the former.

On Dec 22, Felda triggered a mandatory takeover offer (MGO) of FGV shares after it acquired 506.19 million FGV shares or a 13.88% stake from state-linked companies, Urusharta Jamaah Sdn Bhd and Retirement Fund (Inc) for RM658mil cash. The MGO was triggered at RM1.30 a share.

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