Petronas’ acquisition of MISC fails as shareholders reject the offer

Petronas’s RM 9.16 billion takeover of the shipping unit MISC Berhad failed after almost 14 per cent of MISC’s voting shareholders rejected Petronas’s offer. Consequently, Petronas had 86.07 per cent of voting shares, 3.93 per cent less than the minimum 90 per cent of acceptance required by the shareholders for fulfilling the deal. Petronas will now return all the shares to the shareholders who had originally accepted the offer. Earlier, Petronas had revised its offer price for the MISC shares from RM 3.5 to RM 5.5 per share after MISC’s second largest shareholder, the Employees Provident Fund, stated that the offer price was very low.