Petronas' $3B Shipping Co. Bid OK'd Despite Lowballed Price

Law360, New York (April 8, 2013, 4:55 PM EDT) -- Shipping company MISC Bhd. on Monday said a sweetened 9.2 billion ringgit ($3 billion) bid from state-owned Malaysian energy company Petroliam Nasional Bhd. undercut the company's true value, but still encouraged shareholders to sign off on the deal in light of a wavering marketplace.

MISC sided with an evaluation by its independent financial adviser, AmInvest Bank Bhd., that showed the 5.50-ringgit-per-share payout offered by the suitor, commonly known as Petronas, was lower than the combined valued of its different divisions.

Still, the proposed takeover could help...
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