Complications in Public Bank’s corporate exercise


MUCH has been said in the media about Public Bank Bhd’s (PBB) rare corporate exercise involving the proposed acquisition of 175.9 million shares in LPI Capital Bhd at an offer price of RM9.80 per share from the estate of the late Tan Sri Dr Teh Hong Piow and Consolidated Teh Holdings Sdn Bhd (Estate), announced last month.

The acquisition of a 44.15% interest in LPI also triggered a mandatory general offer (MGO) to acquire all the remaining shares not already owned by PBB at the same cash offer price, RM9.80 per share, subject to adjustments, if any.

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