KUALA LUMPUR: ECM Libra Group Bhd’s deputy chairman Datuk Lim Kian Onn, who launched a conditional mandatory general offer (MGO) in May 2022, has failed in his takeover bid of the company.
As at 5 pm on July 18, the offeror and persons acting in concert (PACs) hold in aggregate 201.14 million shares or a 41.91% stake in the ECM Libra.,
“The offeror did not receive valid acceptances of the offer Shares which would result in the offeror and PACs holding in aggregate more than 50% of the voting shares in ECM Libra.
“As such, the acceptance condition has not been fulfilled,” Mercury Securities Sdn Bhd said in a statement.
Accordingly, it said the offer has lapsed and ceased to be capable of further acceptances and all acceptances shall be returned to the accepting holders and the offeror will thereafter cease to be bound by any such prior acceptances of the offer.