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The company convenes a general meeting to obtain approval from its shareholders and sends a circular, in the prescribed form, to the shareholders. A separate meeting and circular may be necessary for holders of any other class of listed securities.
The resolution for withdrawal is approved by a 75% of the disinterested shareholders (or holders of any other class of listed securities) present and voting either in person or by proxy at the meeting. The proportion of shareholders or holders objecting to the withdrawal at that meeting must not be more than 10% in value.
The shareholders (or holders) are offered a reasonable cash alternative or other reasonable alternative for their shares (exit offer).
An independent adviser has advised and made recommendations to the shareholders in connection with the:
listing withdrawal; and
fairness and reasonableness of the exit offer.
If the bidder has achieved acceptances rendering the offer unconditional, but is unable to exercise a compulsory purchase (FELDA need 98.7% of FGV shares for compulsory share acquisition), the bidder will have to launch a second takeover offer to satisfy the exit offer requirement.
