Axiata sees that there isn’t enough time left to pull together its own counteroffer, the people said. The Malaysian company also considers it unlikely a rival bidder will emerge at this point, one of the people said. Still, Axiata plans to wait until close to the Feb 18 deadline before making a final decision to accept, the person said, asking not to be identified because the information is private.
(Jan 30): Malaysian wireless giant Axiata Group Bhd is caught in a bind as it weighs whether to exit its decade-long investment in Singapore operator M1.
Axiata, M1’s biggest shareholder, has less than three weeks left to decide whether to tender its stock into a takeover offer valuing the target at $1.9 billion. The Malaysian company held a board meeting last week to discuss the merits of the bid from Keppel Corp. and Singapore Press Holdings, according to people with knowledge of the matter.
