From the Business Times:

http://www.btimes.com.my/Current_News/BTIMES/articles/BDIVI/Article/index_html

"Bandar Raya Developments Bhd (BRDB)'s board of directors have accepted an offer from Ambang Sehati Sdn Bhd to acquire some of its assets and liabilities in a deal valued at RM914 million.

Upon completion of the deal, BRDB is also proposing to pay RM390.12 million or 80 sen a share as cash dividend to shareholders, upon receiving the cash from Ambang Sehati.

Early this month, the BRDB board hired CIMB Investment Bank to evaluate the deal.

Ambang Sehati is 26 per cent-controlled by BRDB's chairman Datuk Mohamed Moiz Jabir Mohamed Ali Moiz. Moiz also has an 18.8 per cent stake in BRDB.

"This was an unsolicited offer. We did receive offers from other parties before but there was nothing serious on the table. After weighing the offer from Ambang Sehati against what is happening in the market, we found it a very interesting deal," said BRDB's chief executive officer Datuk Jagan Sabapathy.

Speaking to newsmen after the close of the stock market yesterday, Jagan said the board's decision took into account the advice and opinion of its main adviser CIMB and independent adviser Public Investment Bank Bhd."

I am not aware that Public Investment Bank Bhd has actually made a recommendation, but may be it is in the making and it will be published soon. What should happen in this case is that other interested (foreign) parties will have a chance to bid for the properties. That would be a no-lose situation for the minority investors, on one side they are sure to get the best value for their money, on the other side they already have the offer from the majority investor.

Will the independent directors or the authorities force Bandar Raya to open up the offer for outside parties. I don't think so.

And lastly, as Ze Moola rightly asked in his blog: why all the hurry?

More about this deal:

http://whereiszemoola.blogspot.com/2011/09/and-ambang-sehati-is-rewarded-with-736.html