KUALA LUMPUR (July 5): NTT DATA Japan Corp (NTTD Japan) is extending the closing date of its unconditional mandatory takeover offer (MGO) of RM1.08 per share for GHL Systems Bhd (KL:GHLSYS) by two weeks.
In a statement on Friday, CIMB Investment Bank Bhd, acting on behalf of NTTD Japan in its privatisation bid, announced that the offer’s closing date has been extended from July 9 to July 23.
As at 5pm on Friday, NTTD Japan held 1.08 billion shares, constituting 94.61% of the total issued shares of GHL Systems.
Last week, independent adviser Affin Hwang Investment Bank advised GHL’s shareholders to accept the buyout offer by NTTD Japan, describing it as fair and reasonable.
In May, GHL received a notice that NTTD Japan had acquired a 58.73% stake in the company for RM724.08 million or RM1.08 per share from four parties, namely Actis Stark (Mauritius) Ltd, APIS Growth 14 Ltd, Loh Wee Hian and Tobikiri Capital Ltd.
This triggered the general offer to acquire all remaining shares that NTTD Japan does not already own. The offer price signifies a premium of 34.5% when compared to GHL’s one-year volume weighted average market price.
NTTD Japan has said that it does not intend to maintain GHL’s listing status on the Main Market of Bursa Malaysia. GHL was listed on Bursa in 2003.
Shares of GHL inched up one sen or 0.93% to close at RM1.08 on Friday, giving it a market capitalisation of RM1.23 billion. Year-to-date, the counter has gained over 56%.