The offer closed with Petronas owning 86.07% of the shares in MISC, just under 4% short of the 90% threshold required to take delist the shipping company from Bursa Malaysia.
Having failed to reach the required threshold to take MISC private Petronas has withdrawn its MYR5.50 per share offer for the company. All shares it acquired in the bid will be returned to shareholders within 14 days.
Petronas had revised up the offer price from MYR5.30 to MYR5.50 after it was criticised by some shareholders as undervaluing MISC.
Shares in MISC were trading down 13.4% at MYR4.59 per share on Monday afternoon.
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