Syed Mokhtar in bid to take Tradewinds private
KUALA LUMPUR: Business magnate Tan Sri Syed Mokhtar Al-Bukhary has made a formal conditional takeover offer, via his private vehicle, to acquire all the shares not already owned by the joint-offerors in Tradewinds (M) Bhd for a cash offer price of RM9.30 per offer share.
The joint-offerors – Perspective Lane Sdn Bhd, Kelana Ventures Sdn Bhd, Seaport Terminal (Johor) Sdn Bhd and Acara Kreatif Sdn Bhd – have made their joint-offer via Maybank Investment Bank (Maybank IB) Bhd.
According to the offer document, the offer was in line with the intention of the joint-offerors to obtain full control of Tradewinds, giving them greater flexibility to plan and decide on the strategic and future business direction of the company.
The offer price represented a premium of 20% to the last traded price of Tradewinds of RM7.75 on Dec 21, 2012; the last trading day of the counter prior to its suspension on the local bourse.
Maybank IB said the joint-offerors intend to continue with the existing businesses of Tradewinds and had no plans or intentions to liquidate, introduce or effect any major change in the group, dispose or redeploy its fixed assets or dismiss or make redundant the employees of Tradewinds as a direct consequence of the offer in the next 12 months.
The independent advice circular will be available within 10 days from yesterday.
On Dec 24, Perspective Lane - the largest shareholder of Tradewinds at 30.04% – together with three other Syed Mokhtar private companies, namely, Kelana Ventures, Seaport Terminal (Johor) and Acara Kreatif, had jointly made a conditional offer to acquire all the remaining shares in Tradewinds which they did not already own at RM9.30 per share.
Syed Mokhtar currently owns 42.97% of Tradewinds, which, in turn, holds 69.76% of Tradewinds Plantation Bhd and 72.57% of Padiberas Nasional Bhd (Bernas).
If successful, the privatisation would trigger a mandatory general offer for Tradewinds Plantation and Bernas.
Tradewinds owns 70% and 73% in Tradewinds Plantation and Bemas, respectively.
It was reported that the joint-offerors would offer to acquire all the remaining Tradewinds Plantation’s shares they not yet own at RM4.03 per share and RM2.43 per irredeemable convertible unsecured loan stock, while minority shareholders of Bernas would be offered RM3.25 per share in cash.