<article><a style="color: #0000ff;" href="http://www.tnb.com.my/">Tenaga Nasional Bhd</a> (TNB), the national power producer of Malaysia, has launched a conditional takeover of <a href="http://www.integrax.com.my" target="_blank">Integrax Bhd</a> for a cash offer price of MYR2.75 per share or MYR644.23 million ($80.56 million).</article>

<a style="color: #0000ff;" href="http://www.tnb.com.my/">Tenaga Nasional Bhd</a> (TNB), the national power producer of Malaysia, has launched a conditional takeover of <a href="http://www.integrax.com.my" target="_blank">Integrax Bhd</a> for a cash offer price of MYR2.75 per share or MYR644.23 million ($80.56 million).
The offer price represents a 19 per cent premium to Integrax’s closing price of MYR2.31 on Friday. The counter ended Friday’s trading at MYR2.31, up 2.21 per cent on a volume of 495,500 shares.
The offer price also values Integrax, a logistics company that develops and manages ports and terminals, at MYR694.85 million, based on the paid-up of 300.80 million shares.
Tenaga currently holds 22.12 per cent of the issued and paid-up capital of Integrax and plans to acquire the remaining 77.88 per cent through this takeover exercise, the group said in a filing with the local bourse.
The offer price was arrived at after taking into consideration the market prices of Integrax shares prior to the offer date, as well as the company’s audited consolidated net assets per share attributable to equity holders of MYR2.06 per share as at December 31, 2013 and the unaudited net assets per share of MYR2.09 as at September 30, 2014. At these net assets per share values, Integrax’s price-to-book ratios were 1.33, and 1.32.
Tenaga is involved in the generation, transmission, distribution and sale of transformers, high voltage switchgears and cables, as well as the provision of consultancy services and research and development.
It does not plan to keep the listing status of Integrax.
Integrax responded in its filing on Bursa Malaysia that its board of directors will convene to consider the offer and will, in accordance with the Malaysian Code on Take-overs and Mergers 2010, appoint an independent adviser to advise the board on the holders of the offer shares on the reasonableness of the offer.

Malaysia: Tenaga to buy Integrax for $80.56m

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Malaysia: Tenaga to buy Integrax for $80.56m

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