KUALA LUMPUR, April 22 Shares in shipping firm
MISC Berhad fell nearly 10 percent on Monday after a
revised $3 billion privatization bid by state oil and gas
company Petroliam Nasional Bhd fell through.
By the deadline on April 19, Petronas had only managed to
lift its stake in MISC to 86.07 percent, short of the required
90 percent acceptance by shareholders the national oil firm
needed to take MISC private, according to a stock exchange
filing late Friday.
The shipping group earlier this month said Petronas' revised
$3 billion offer to buy out all remaining stock was not fair
because it was lower than the combined valuation of its
By 0949 (0149 GMT) MISC shares had slipped 9.6 percent. The
benchmark Kuala Lumpur stock index rose 0.1 percent.
(Reporting By Anuradha Raghu; editing by Stuart Grudgings)