PLUS accepts UEM-EPF RM23bil offer

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PLUS accepts UEM-EPF RM23bil offer

Postby admin » Wed Nov 10, 2010 1:48 am

PETALING JAYA: The board of PLUS Expressways Bhd, the country’s largest highway operator, has decided to accept the revised joint offer made by the Employees Provident Fund (EPF) and UEM Group Bhd.

RHB Investment Bank Bhd said in an announcement on behalf of PLUS’ board that the offer to acquire the company’s assets and liabilities for RM23bil or RM4.60 per share has been accepted.

The revised joint offer included some minor changes to the wording of the offer that was made on Oct 15. The investment bank, which is the principal adviser for the deal, said the board reached the decision after taking into consideration the advice of the principal and independent advisers, the legal counsel as well as the valuation analysis of the company by Goldman Sachs (Malaysia) Sdn Bhd.

UEM Group managing director cum chief executive officer Datuk Izzaddin Idris said in a press release that UEM was committed to the continued growth of Plus and that highway users can be rest assured that the same standards of service and maintenance for the safety of motorists would continue.

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