Malaysian casino giant Genting Bhd has confirmed its conditional voluntary takeover offer for subsidiary Genting Malaysia will proceed after acquiring enough shares on the open market to lift its current holding above the 50.0% threshold.
Having announced in mid-October its intention to acquire all shares in Genting Malaysia that it didn’t already own, the company said Monday that it had since lifted its stake from 49.36% originally to 50.11% currently – effectively fulfilling a key condition for the offer to proceed.
The offer to shareholders to acquire all remaining shares at a price of MYR2.35 per share will now be open and available until 5pm Malaysian time on Monday 24 October.
