Tenaga's offer for Integrax turns unconditional

PETALING JAYA: Tenaga Nasional Bhd (TNB) takeover offer for Integrax Bhd has crossed the 50% threshold, making its revised offer at RM3.25 a piece in the port operator unconditional.
According to a filing with Bursa Malaysia, TNB managed to obtain 50.82% acceptances for its offer yesterday, edging closer to the compulsory acquisition threshold of 90%.
Last Friday, Perak Corp Bhd (PCB) received approval from its shareholders to sell the entire 15.74% stake in Integrax to TNB for RM3.25 a share.
TNB held 22.12% in the Integrax when it launched its takeover bid for the port operator.
The national utility company said its offer will close on April 13, 2015 with no further extension.
TNB's takeover offer will see PCB receive cash of about RM153 million.
State-owned Perak State Development Corp is the single largest shareholder of PCB with a 52.9% stake, followed by Sime Darby Property Bhd’s 6.12% shareholding.
PCB had earlier rejected rejected Integrax co-founder and single-largest shareholder, Amin Halim Rasip, offer to buy its 5% stake in Integrax despite him offering a higher price than TNB's.
Amin, with 24.55% stake in the company, revealed recently that he and other business entrepreneurs plans to launch a RM1.2 billion voluntary general offer for Integrax.
Amin has from the beginning stated that he would not be selling his stake in Integrax.
Integrax board is expected to meet today to decide on further action.