KUALA LUMPUR (July 24): Perdana Petroleum Bhd has announced that the takeover offer from Dayang Enterprise Holdings Bhd has become unconditional after it has obtained more than 50% acceptances.

In May this year, Dayang had launched a mandatory general offer (MGO) to acquire all the remaining shares and warrants of Perdana not already owned by Dayang for a cash offer price of RM1.55 per share and 84 sen per offer warrant respectively.

The proposed takeover is expected to be finalised by the end of the third quarter of 2015.

In a filing with Bursa Malaysia today, Perdana said Dayang has received valid acceptances totalling 51.21% or 383.31 million Perdana shares as at 5pm today.

The offer will remain open for acceptances until 5pm on Aug 13, 2015.

"No further extension of the closing date for the revised offer will be made," said Perdana. 

Shares in Dayang (fundamental: 2.7; valuation: 2.4) closed five sen or 2.3% lower at RM2.12 today, for a market capitalisation of RM1.903 billion. Perdana (fundamental: 1.15; valuation: 0.8) shares, meanwhile, were up one sen or 0.65% to end the day at RM1.55, with a market cap of RM1.153 billion. 

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)