Friday, 20 January 2012
Win-Win in SP Setia
Now, the CEO and founder of SP Setia, Liew Kee Sin, has become an "offeror" in the takeover of SP Setia by PNB.
Liew Kee Sin
This is the result of a revised deal whereas in earlier deal, Liew have to give up his 8% stake (158.2 million shares) in SP Setia to PNB. After the revised takeover, Liew will now hold on to his stake and continue to lead the company. Liew will be given a put option to sell his shares at the takeover price to PNB in three years time after the takeover, if he feels the need to do so.
As a result of the revised deal, the takeover price has increased 5 sen from previous RM3.90 to RM3.95 per share, while the warrant price will be revised to 96 sen from 91 sen. Thus, minority shareholders should be happier.
At last, they live happily ever after.. The End.