Malaysian tycoon Ananda Krishnan has announced another plan to take a company private -- this time launching a M$4.7 billion $1.48 billion offer to delist power producer Tanjong.
The offer is conditional upon Tanjong Capital, Krishnan’s holding company, cornering 90% of the shareholding of Tanjong. Krishnan already controls 47% of the shareholding of Tanjong through various holding companies, so he needs another 43%.
The offer, which was announced on Friday, has been launched at M$21.80 per share. Not surprisingly, Tanjong shares gained on Monday to reach almost the offer level. If it is successful, Tanjong shares will be delisted from both Bursa Malaysia and the London Stock Exchange where they currently trade....
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