KUALA LUMPUR The advisor of Esso Malaysia Bhd's ESSO.KL minority shareholders said on Thursday that they should reject the takeover offer by Petron Corp (PCOR.PS)'s unit as it was "not fair."
"We opine that the offer is not fair to the holders and the holders who reject the offer will stand to benefit from the potential future growth of the company under the new management and ownership," Kenanga Investment Bank said in a circular to shareholders late on Thursday.
Petron, the oil and gas arm of the Philippine-based conglomerate San Miguel Corp (SMC.PS), completed the acquisition of a 65 percent stake in Esso last month. The purchase followed a mandatory takeover offer to acquire the remaining 35 percent stake in Esso for 3.59 ringgit per share.
Shares of Esso remained unchanged at 3.58 ringgit a share as at 0337 GMT, outperforming the Malaysian benchmark stock index .KLSE that shed 0.10 percent.
(Reporting By Yantoultra Ngui; Editing by Niluksi Koswanage)