Tradewinds says the joint offerees are now offering RM5 per share and RM3.13 per irredeemable convertible unsecured loan stock, which they do not already own.
KUALA LUMPUR: Tan Sri Syed Mokhtar Albukhary has upped the ante in a bid to gain full control of Tradewinds Plantation Bhd.
The billionaire, listed by Forbes this week as the country's eighth richest man with a fortune estimated at US$2.5 billion (RM7.7 billion), has upped his offer for Tradewinds shares which he does not own by nearly 25 per cent.
In a statement to Bursa Malaysia, Tradewinds said the joint offerees are now offering RM5 per share and RM3.13 per irredeemable convertible unsecured loan stock (ICULS), which they do not already own.
The previous offer, made in December, stood at RM4.03 for each Tradewinds share and RM2.43 for each ICULS.
The parties making the offer are Perspective Lane (M) Sdn Bhd, Kelana Ventures Sdn Bhd, Seaport Terminal (Johore) Sdn Bhd and Acara Kreatif Sdn Bhd.
All four companies are believed to be ultimately controlled by Syed Mokhtar.
Tradewinds, which manages 126,985ha of oil palm plantations in the country, was last traded at RM4.45 a share, meaning the fresh offer gives shareholders an additional premium of just over 10 per cent.
Research house UOB Kay Hian in March 2012 valued Tradewinds at RM7.20 each and put a RM19.56 per share price tag on the revised net asset value of Tradewinds.
Meanwhile, the tycoon's plan to completely take over Tradewinds' ultimate parent, Tradewinds Malaysia Bhd, at RM9.30 a share, has now become unconditional.
In a statement to Bursa Malaysia, Tradewinds Malaysia said the company had been notified by Maybank Investment Bank that the offer has turned unconditional after receiving an acceptance level of not less than nine-tenths from the shareholders.
This means the four companies, namely Perspective Lane, Kelana Ventures, Seaport Terminal and Acara Kreatif, can compulsorily acquire any outstanding Tradewinds Malaysia shares within the next two months.