Malaysian merchant bank, CIMB Bhd (Commerce International Merchant Bankers Berhad), speaking on behalf of Syed Mokhtar, confirmed that the Tan Sri would be offering RM1.35 billion for a 59.86% stake in MMC and RM230.89 million for a 48.26% share in Johor Port.

Syed Mokhtar, through an earlier acquisition of Seaport Terminal (Johore) Sdn Bhd, already owns a 40% plus stake in MMC. What he is offering is to buy up the remaining 673.55 million shares in the market to gain total control of engineering, utilities and infrastructure major. The purchase of Seaport also allowed Syed Mokhtar to gain control a majority stake in Johor Port and his bid is for the remaining 159.245 million shares.

Talk on the town, though, is that no one will take up the offer as shares of both companies are trading at premiums to the Tan Sri's offer. In the words of one unidentified analyst, "I am sure they (holders) would rather sell the shares in the open market rather than to him (Syed Mokhtar)."