Plus Expressways Bhd says it will not consider any offer for its business after 5pm on Dec 23.

In a filing to Bursa Malaysia today, it said all offers should also contain  the structure of the offer including the period, purchase consideration and method of settlement, conditions precedent of the offer, conditions to completion of the offer and covenants and undertakings of both parties.

The offer must also include the intention of the offeror with regards to the existing employees of PEB group of companies and intention with regards to the PEB business for the next 12 months after completion of the proposed acquisition.

PEB said all offers must be addressed to its chairman and submitted no later than 5pm on December 23.

UEM Group Bhd and the Employees Provident Fund Board meanwhile have made a joint offer of RM23 billion for PEB while Jelas Ulung Sdn Bhd is offering RM26 billion for the takeover.

PEB said it has set two conditions to ascertain the credibility of all offers as well as to protect the interest of PEB.

The first condition is the offeror must remit a cash deposit of RM50 million into an account to be designated by PEB, which will form part of the purchase consideration for its business for the successful offeror.

This deposit will only be refunded if the board and/or shareholders
reject the offer and any refund of deposit will be without interest.

Offeror must also submit unconditional written confirmation addressed to PEB for the attention of the chairman, from institution and in the form, that the offeror has the financial ability to undertake and complete its proposed acquisition of the PEB business in accordance with the terms of its offer.

- Bernama