Media Prima's original offer for NSTP secured poor response

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Media Prima's original offer for NSTP secured poor response

Business & Market 2009

Written by Joseph Chin

Monday, 16 November 2009 12:36

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KUALA LUMPUR: Media Prima Bhd's original privatisation offer for The New Straits Times Press (Malaysia) Bhd (NSTP) saw only an acceptance of a paltry 0.01% or 28,500 NSTP shares as of Nov 12.

Media Prima said in a statement on Monday, Nov 16 that as 5pm on Nov 12, it held 94.064 million shares or 43.30% of NSTP. Before the takeover, it held 94.035 million NSTP shares or 43.29%.

After market close on Nov 12, Media Prima Bhd upped its share swap offer ratio for its proposed takeover of NSTP to six-for-five, raising the implied value of NSTP to RM2.40 per share from RM2 previously.

NSTP also declared a special tax-exempt dividend of 40 sen per share, with an ex-date of Nov 24. MPB has also retained its original offer of one free MPB warrant for every five NSTP shares accepted.

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Last Updated on Monday, 16 November 2009 15:11

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