Jan 18, 2011
PLUS Expressways says UEM-EPF offer ‘confirmed’
PETALING JAYA: PLUS Expressways Bhd’s board of directors, save for the interested directors, has deemed the UEM Group Bhd-Employees Provident Fund’s (EPF) RM23bil takeover offer as a “confirmed offer.”
It told Bursa Malaysia yesterday that the board had decided to proceed with the adjourned EGM for its non-interested shareholders to consider the disposal of its entire business and undertaking to UEM-EPF, and the proposed distribution of the cash proceeds to all entitled shareholders via a proposed special dividend and selective capital repayment.
“The board of directors of PLUS Expressways, save for the interested directors, wishes to announce that after evaluating the financiers’ letter with regards to UEM and EPF’s financial ability to undertake and complete their proposed acquisition of the PLUS Expressways business and taking into consideration the cash deposit of RM50mil remitted by UEM and EPF by the stipulated deadline, the board has resolved that the UEM-EPF offer is deemed as a confirmed offer,” it said.
However, it added, the board would not evaluate, consider or table Jelas Ulung Sdn Bhd’s offer, as it did not comply with the conditions as announced on Dec 21. The board has informed Jelas Ulung on this.
PLUS Expressways said the EGM date would be announced in due course.
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