PETALING JAYA: Agrobulk Holdings Sdn Bhd’s takeover offer in NuEnergy Holdings Bhd has become unconditional as the former is currently holding more than 50% of NuEnergy’s shares.
Last month, solar energy firm NuEnergy received a conditional voluntary takeover offer from its single largest shareholder, fertiliser group Agrobulk for its remaining shares at 60 sen a share. At that time, Agrobulk owned 30.87% in NuEnergy.
At 60 sen per share, the offer is valued at RM78.35mil. The offer price of 60 sen was at a 20% premium over NuEnergy’s five-day average price of 50 sen.
Despite the takeover offer, Agrobulk said it intends to maintain NuEnergy’s listing status on the Main Market of Bursa Malaysia.
Last week, independent adviser, Sierac Corporate Advisers Sdn Bhd and non-interested directors of NuEnergy deemed the takeover offer as “not fair” for being 47% lower than the stock’s fair value. However, Sierac said that the takeover offer was “reasonable” and minority shareholders of NuEnergy are recommended to accept the offer.
Source: The Star
