EPF takeover offer for MRCB lapses
The Employees Provident Fund’s (EPF) conditional takeover offer for Malaysian Resources Corp Bhd (MRCB) at RM1.50 a share lapsed yesterday, and the pension fund will now return all shares acquired from shareholders who accepted the bid as it has no intention to extend the offer.
EPF held 41.95% of MRCB as at 5pm yesterday, the closing date for the offer. This is short of the 50% mark required for the general offer to go through. “On behalf of EPF, we wish to announce that the offer has failed to meet the accepted condition and the offeror (EPF) will not extend the offer period,” the bank said in a statement yesterday.
Those who had accepted EPF’s offer will receive their MRCB shares back within 14 days from yesterday.
MRCB fell two sen yesterday to close at RM1.59 on volume of 6.67 million shares. The stock had shot up to as high as RM1.72 on April 1.