PETALING JAYA: UMW Holdings Bhd
’s bid to increase its stake in Perusahaan Otomobil Kedua Sdn Bhd (Perodua) has fallen through, with the offer expiring today.
UMW had offered to take over MBM Resources Bhd, which owns a direct 20% stake and an indirect interest of 2.5% through a joint venture with Daihatsu of Japan in Perodua, as well as buy Permodalan Nasional Bhd’s (PNB) 10% stake in the local carmaker.
Sources said all the parties involved have agreed to allow the deal to lapse.
UMW’s bid to increase its stake in Perodua started on March 9 this year when it made an offer to Med-Bumikar Mara to acquire its controlling 50.07% stake in MBM for RM501mil, or RM2.56 per share, as well as an offer to buy PNB’s 10% interest in Perodua at RM417.5mil, or RM29.80 apiece.
Completion of the deals would have raised UMW’s effective stake in Perodua to 70.6%.
UMW currently owns a 38% stake in Perodua.
On March 26, UMW announced that MBM had rejected its offer.
The deadline was then extended by another six months to Oct 31, 2018.
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