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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