SP Setia Says PNB Buyout Bid Undervalues Stock; Seeks New Offer

Sept. 29 (Bloomberg) -- SP Setia Bhd., Malaysia’s biggest listed developer by sales, said Permodalan Nasional Bhd.’s takeover offer of 3.90 ringgit a share “fundamentally undervalues” the company and will seek competing offers.

SP Setia will also ask Permodalan, or PNB whether it’s interested in raising its offer, it said in a statement late yesterday.

To contact the editor responsible for this story: Chan Tien Hin at thchan@bloomberg.net