KUALA LUMPUR (May 18): Jardine Cycle & Carriage Ltd (Jardine CCL) is further extending –  for one last time – the deadline of its takeover offer for Cycle & Carriage Bintang Bhd (C&C Bintang) shares it does not already own.

The deadline for the acceptances of the offer is now extended from May 21 to June 4, according to a notice issued by CIMB Investment Bank Bhd on behalf of Jardine CCL.

All other details and terms and conditions of the offer as set out in the offer document remain unchanged, CIMB IB said.

“Please note that this will be the final closing date of the offer, and there will be no further extension of the closing date of the offer thereafter,” said CIMB IB, adding that the offer price of RM2.40 per offer share is final and the offeror will not revise the offer price.

As of today (May 18), the total number of shares in the Mercedes-Benz vehicles dealer held by Jardine CCL stands at 76.21 million (representing a 75.64% stake), compared with 66.96 million shares (66.47%) on April 7.

If another 513,900 shares (0.51%), for which the received acceptances are pending verification, are included, the total number of shares held would be 76.72 million (76.15%).

To take the listed company private, Jardine CCL needs to obtain 90% of the number of shares it did not own at the time when it launched its takeover offer in order to trigger a compulsory share acquisition.

Based on C&C Bintang’s issued share capital of 100.74 million shares, the remainder of 41.2 million shares or 40.9% was not owned by Jardine CCL. This means that the offeror is required to secure 37.08 million shares (36.8%), which will raise its total shareholding to roughly 95.9%.

Jardine CCL’s current shareholding stands at 76.15% or 76.72 million shares with the valid acceptance of the offer, which is still short of 19.76%, or 19.9 million shares for it to trigger a compulsory share acqusition. 

C&C Bintang's shares closed three sen or 1.2% lower at RM2.48 today, valuing the group at RM249.85 million. Over the past year, the counter has gained 77.1% from RM1.40.

The stock, which surged to RM2.41 from RM1.68 within two days of the takeover offer announcement on March 17, has remained above the offer price since then.

Interestingly, the counter soared to RM3 from RM2.41 on May 7, after the second deadline extension for the privatisation offer.