Genting fails in bid to delist Genting Malaysia
The operator failed to receive sufficient acceptances for its takeover offer by yesterday’s deadline.
Malaysia.- Genting Malaysia Bhd will remain listed on the Bursa Malaysia after parent company Genting Bhd failed in its bid to acquire a 75 per cent stake in the company. Genting Bhd had tabled an offer worth approximately US$1.59bn to obtain the remaining shares in the operator of Resorts World Genting in a bid to delist the company.
Genting Bhd’s takeover offer became mandatory in early November after its stake surpassed 50 per cent. The parent company boosted its stake through a combination of on-market share acquisitions and the purchase of interests in shares, but had only obtained following a 57.008 per cent stake as of November 13.
The company extended the deadline for its offer from November 24 to December 1, but, in a filing yesterday, it said it was still 1.665 per cent short, having acquired a 73.133 per cent interest while awaiting validation for acceptances amounting to 0.202 per cent.
