To me, don't think so. The offer should be higher.
Based on information available, some said Khazanah have invested RM5billions or RM5.7billions to MAS.
a) RM5billions scenario:
Khazanah total shares 11,592,389,200
Cost per share 0.431
Revised cost per share 0.382
(If offer 0.27 for remaining shares is accepted)
b) RM5.7billions scenario:
Khazanah total shares 11,592,389,200
Cost per share 0.492
Revised cost per share 0.424
(If offer 0.27 for remaining shares is accepted)
They should offer 0.382 or 0.424 per share if that's what they believe MAS worth for??
By offering a price which is lower than what they have invested before, is a plus to them only, don't you think so?
Now all depends on the minority shareholders as shown below:
| Khazanah | 69.37% |
| sub-total | 69.37% |
| Minority shareholders | |
| EPF | 0.18% |
| Skim Amanah Saham Bumiputera | 1.66% |
| Norges Bank Investment Management | 0.29% |
| Great Eastern Life Assurance | 0.60% |
| State Financial Secretary | 0.27% |
| Mega First Housing Development | 0.19% |
| OSK Capital Partners | 0.13% |
| sub-total | 3.32% |
| Total | 72.69% |
| Free float | 27.31% |
| Free float + Minority | 30.63% |
| Need 50% of Minority Votes | 15.32% |
To me, minority shareholders should reject the offer unless the offer is better.
Risk:
a) Khazanah take back their offer and let it face bankruptcy. Likely? To me the chance for this is minimum.
Lastly, no right or wrong in investment, only end results tell. No one shall control your ways of investment.
Good luck with your investment!!! ^_*
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