Malaysia Airports buyout offer extended to Feb 4
A TAKEOVER offer for Malaysia Airports Holdings by a consortium comprising the country’s sovereign wealth fund and BlackRock has been extended for a third time this month to Feb 4, a stock exchange filing on Monday (Jan 20) showed.
The consortium, including Malaysia’s sovereign wealth fund Khazanah and BlackRock’s Global Infrastructure Partners, has now secured an additional 45.63 per cent stake as of Jan 17, the filing showed, bringing their total control to 86.51 per cent.
The consortium also lowered the acceptance condition to at least 85 per cent, and continued to offer RM11 per share to buy all remaining shares, giving the airport operator an equity value of RM18.4 billion (S$5.6 billion).
The 85 per cent acceptance condition was the level at which Malaysia Airports was expected to be removed from MSCI and other indexes, according to a joint statement by the consortium, also known as Gateway Development Alliance or GDA.
“Having already received acceptances totaling 86.5 per cent, GDA shortly expects to declare the offer unconditional and remains confident that total acceptances will exceed 90 per cent and that MAHB will be delisted from Bursa Malaysia,” GDA said in the statement.
The consortium had earlier extended the takeover offer to Jan 24 from the prior deadline of Jan 17.
Shares of the airport operator have risen around 5 per cent since the offer was first announced in mid-May last year, but have remained below the RM11 apiece offer price.
The stock was 0.4 per cent higher at RM10.94 on Monday. REUTERS
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