SINGAPORE (May 27): PT Indofood Sukses Makmur Tbk is extending the closing date of the 28 cents per share offer for all the shares it does not own of Indofood Agri Resources by a month to June 25, 5.30pm, from May 24, 5.30pm, says CIMB Bhd.

As at 5pm on May 23, CIMB says shares owned, controlled or agreed to be acquired by Indofood Agri and its concert parties stood at 1.14 billion units. This is out of the 1.4 billion units of shares in issue and translates into a stake of 81.86%.

This is lower than the 90% threshold after which it loses its free float.

See also: Indofood Agri Resources gets 28 cents per share offer to delist
In a Friday night filing, the offeror also confirmed it will be paying accepting shareholders $0.2775 for each offer share after adjusting for the payment of the FY18 dividend of $0.0025 per offer share as the offer settlement date will fall after the distribution record date.

Earlier in a May 10 circular, Novus Corporate Finance, the independent financial advisors, said the offer is “not fair, but reasonable” and recommended shareholders accept the offer.

In an open letter published in Issue 882 of The Edge Singapore (week of May 20), editor-at-large Ben Paul said the offer price of 28 cents per share, in his view, "significantly undervalued the long-term potential of the assets held by IndoAgri".

“Instead of encouraging minority investors to accept such a paltry offer, you ought to be working to address our company’s obviously depressed market valuation in a manner that is fair and reasonable to all its shareholders,” said Paul.