#Flash* Ong Leong Huat, Land Mgmt to buy 73% of OSK Property for RM122.4m
Publish date: Fri, 27 May 2011, 02:07 PM
KUALA LUMPUR: OSK Property Bhd executive director Ong Leong Huat and Land Management Sdn Bhd have proposed to acquire the outstanding 73.74% stake in the property company in a deal valued at RM122.41 million.
OSK Property said on Friday, May 27 it received a notice of conditional take-over offer from Ong and Land Management to acquire the remaining 137.424 million shares at 87 sen each or RM119.55 million.
They also offered to acquire the remaining 47.812 million warrants which had not been converted into new OSK Property shares at six sen each or a total of RM2.86 million.
OSK Property said on Friday, May 27 it received a notice of conditional take-over offer from Ong and Land Management to acquire the remaining 137.424 million shares at 87 sen each or RM119.55 million.
They also offered to acquire the remaining 47.812 million warrants which had not been converted into new OSK Property shares at six sen each or a total of RM2.86 million.
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Isn't this offer price way below its NTA? Less than half of its NTA? It may be better to go for voluntary liquidation of the company and distribute the sales proceeds of all its assets.??
Just wonder if any reputable financial advisor would indeed tell the minority shareholders that the above offer is deemed good and to accept it?
How much profit can be generated by the company's existing projects, besides the company's land bank, as compared to the offer of RM122 mil to take company private?
2011-05-28 15:35