KUALA LUMPUR: Public Bank Bhd (PBB) has failed to secure the required majority of more than 50 per cent of voting shares in LPI Capital Bhd during its takeover bid.
As a result, all LPI shares tendered for the offer will be returned to the accepting shareholders.
By the closing time of the offer at 5pm on Jan 9, PBB and its parties acting in concert (PAC) held approximately 49.57 per cent of LPI's total issued shares, LPI said in a filing to Bursa Malaysia today.
This fell short of the acceptance condition, which required the combined holding of PBB and PAC to exceed 50 per cent.
"The offeror did not receive valid acceptances of the offer shares which would result in the offeror and its PACs holding in aggregate more than 50 per cent of the voting shares of LPI.
"As such, the acceptance condition has not been fulfilled.
"Accordingly, the offer has lapsed and can no longer accept further acceptances and all acceptances shall be returned to the accepting holders and the offeror will thereafter cease to be bound by any such prior acceptances of the offer," it said.
Previously, PBB secured a 44.15 per cent stake in LPI through a purchase from the estate of the late Tan Sri Teh Hong Piow and Consolidated Teh Holdings Sdn Bhd (ConTeh) for RM1.72 billion in cash, equivalent to RM9.80 per share.
This acquisition triggered a mandatory general offer (MGO) requiring PBB to make an offer for all remaining LPI shares it did not already own at the same cash price of RM9.80 per share.