Parkson Retail Asia Ltd (PRA), the Singapore-listed department store subsidiary of Parkson Holdings Bhd, has received a mandatory takeover offer from Sri Lanka-based Softlogic Group to acquire 129.15 million shares, or 47.56%, in Sri Lankan fashion retailer Odel Plc, for about RM (Malaysian Ringgit) 69.74 million, The Star reported.

The joint offeror-Softlogic Holdings Plc and Softlogic Retail (Private) Ltd-had triggered a mandatory takeover of Odel after buying 122.89 million shares, representing a 45.16% block in the company, a week ago. The joint-offeror was offering to buy the remaining 149.24 million shares, or 54.84%, of Odel that it did not own, at an offer price of Rs22 (54 sen) per share.

Should PRA accept the offer made by the Softlogic Group, the company is expected to cash in about RM69.74mil from the sale of its shares in Odel.

However, the offer price was three sen below Odel’s share price of 57 sen (Rs22.98) per share based on yesterday’s closing price on the Sri Lankan bourse. Odel is the only fashion retailer listed on the Sri Lankan stock exchange.

“A detailed mandatory offer document will be sent to all shareholders of Odel within 35 days of incurring the obligation to make the mandatory offer, which is on or before Oct 16,” Parkson Holdings has said.

Parkson Holdings owns a 67.6% stake in PRA.

In 2012, PRA made its first foray into Sri Lanka after having acquired a 41.82% stake in Odel for RM34.3mil. (with inputs from Star Online)