UMW shares down following rejection of takeover offer

PETALING JAYA: UMW Holdings Bhd’s share price fell slightly by 0.82% this morning after its plan for a controlling stake in Perodua hit a snag, with both MBM Resources Bhd’s major shareholders Med-Bumikar Mara Sdn Bhd and its wholly owned subsidiary Central Shore Sdn Bhd rejecting the take over offer of RM501 million or RM2.56 per share.
At 10.42am, UMW stood at RM6.05 with 78,200 shares changing hands.
MBM’s share price also fell 2.89% to RM2.35, with 197,000 shares done.
UMW in a separate filing with Bursa Malaysia, said it is striving to convince MBM shareholders to accept its offer by continuing to engage with them and extending the offer period from March 28 to April 30 in view of the "reasonable" offer.