PLUS take over saga

• RM4.60 offer by UEM Group-EPF. 
•  RM5.20 offer by Jelas Ulung Sdn Bhd (proxy TanSri Halim Saad). RM26bill will be financed by BOC (7.6% premium). 
• PLUS wants bidders to put down a refundable deposit of RM50mil by 10/1/11. 
•  A large inflow of USD-denominated debt to fund the buyout by Jelas Ulung is likely to be blocked by BNM. To prevent financial market disruptions of likely firming of the US dollar against the ringgit. As the US economy improves, expected outflow of foreign funds from Malaysia & interest rates in the US to firm up over the next few years.  
• 11/1/2011 - Jelas Ulung failed to pay the deposit of RM50mil yesterday. UEM Group-EPF is the only bidder. 

Plus Expressways : Target price RM4.60