KUALA LUMPUR (Mar 30): Tenaga Nasional Bhd (TNB) says its revised takeover offer for port operator Integrax Bhd at RM3.25 per share has turned unconditional, after receiving valid acceptances totalling 50.82% or 152.88 million Integrax shares as at 5pm today.

"The revised offer shall remain open for acceptances up to 5pm on Monday (April 13). No further extension of the closing date for the revised offer will be made," TNB said in a filing with Bursa Malaysia today.

TNB (fundamental: 1.3; valuation: 1.8) said it has received valid acceptances in respect of the revised offer, with more than 50% of the voting shares as at 5.00 pm on Monday.

To recap, on Jan 9 this year, TNB made a conditional takeover offer for the remaining stake it did not own in Integrax (fundamental: 1.65; valuation: 1.2) at RM2.75 a share. The offer price was raised to RM3.25 on Feb 27, after other major Integrax shareholders said the initial offer was not high enough.

The offer was conditional on TNB receiving more than 50% of the voting shares of Integrax. TNB plans to delist Integrax, if it takes control.

Perak Corp shares rose 0.7% to close at RM2.88 today, with a market capitalisation of RM288 million, while Integrax’s counter closed up 1.26% at RM3.22, bringing it to a market capitalisation of RM968.6 million. TNB’s share price also rose 0.85% to settle at RM14.32, with a market capitalisation of RM80.82 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.)