IOI Corp has secured 89.68% acceptances for the shares in IOI Properties, below the crucial 90% level, forcing the former to extend the takeover offer by 14 days to March 31.
IOI Corp, which owned 76.04% of IOI Properties before it launched the takeover on Feb 4, only managed to secure an additional 13.64% stake as of March 17.
This threw a spanner in the works for its proposed takeover exercise. Under the plan, if it held 90% or more of IOI Properties shares, it would seek to suspend the latter.
IOI Corp said it would not revise the offer price. It had on Feb 4 offered to buyout IOI Prop minorities by giving 0.6 IOI Corp shares and 33 sen cash for every IOI Prop shares held.
There had been news reports that some minority shareholders, including Aberdeen Asset Management, are holding out for a better price.
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