Signaland Sdn Bhd offered RM2.05 a share in a takeover bid for Malaysia's Southern Steel Bhd after accumulating a majority stake that triggered a mandatory offer.
Signaland had raised its holding to 70.25 per cent by buying 113.38 million shares, or a 27.03 per cent stake, for about RM232.4 million (US$72 million) from NatSteel Holdings Pte Ltd, Hong Leong Investment Bank said in a statement to the Malaysian stock exchange today on behalf of the offerer. -- Bloomberg
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