UMW Oil & Gas Corp (UMW-OG) has launched a takeover bid for compatriot Malaysian offshore rival Icon Offshore.
It has initially proposed the acquisition of 497.7m Icon shares, or a stake of 42.3%, for MYR 0.5 per share or a total of MYR 248.9m ($56m).
The Kuala Lumpur-listed company plans to fund the acquisition via the issue of 311.1m new shares at an issue price of MYR 0.8
