GENTING Bhd has extended the closing date of its voluntary takeover offer for Genting Malaysia Bhd to 5pm on December 1, from the original deadline of November 24.

The offer became unconditional on November 3 after Genting and its concert parties crossed the 50% ownership threshold, and later turned into a mandatory takeover offer on November 13.

As of the latest update, Genting holds 57.01% of GENM’s issued shares, following the acquisition of an additional 34.93 million shares on the open market.

In total, the group has purchased 114.47 million shares, representing a 2.02% stake, excluding treasury shares and valid acceptances.

The takeover offer of RM2.35 per share represents a 10% premium to GENM’s last traded price before the announcement but has been deemed “not fair and not reasonable” by independent adviser Kenanga Investment Bank, which recommends shareholders reject the offer.

Kenanga noted that the offer is below GENM’s estimated valuation of RM3.48–RM3.77 per share, and at a discount to its one- and two-year high prices.

On Thursday, Genting’s share price fell two sen to RM3.50, valuing the company at RM13.57 billion, while GENM’s shares were unchanged at RM2.36, giving it a market capitalisation of RM13.95 billion. —TMR