bidding-war-for-malaysias-rhb-ends-but-who-won

Bidding war for Malaysia's RHB ends, but who won?

RHB's major shareholder accepts a $655 million offer from the Employees Provident Fund backed by Kuwait Finance House. Meanwhile, rival EON tables a higher bid.

By Sameera Anand

March 08, 2007

MalaysiaÆs Utama Banking Group, which owns 33% of Rashid Hussain Berhad RHB, announced yesterday that it had accepted a revised offer by the Employees Provident Fund EPF to acquire its stake in the banking group.

The EPF will pay a total of M$2.3 billion $655 million to Utama and will also make an offer for all outstanding shares at a price of M$4.80 per share. Kuwait Finance House issued a statement subsequently suggesting it was acting in consortium with the EPF.

Meanwhile, rival bidder EON Capital informed the stock exchange late yesterday that it has upped its offer to M$5 per share.

The EPF is the second largest shareholder in RHB with a...

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