The mandatory offer follows a three-way deal struck last week to acquire Spice by Idea Cellular, country's fifth-largest mobile operator. Under the deal, TM International's, a unit of Telekom Malaysia , 39.2 per cent stake in Spice will be converted into Idea shares. TM will also pay for a preferential allotment that will give it around a fifth of Idea.
Idea had last week said it would buy Spice Group's 40.8 per cent stake in Spice Communications, and merge Spice with itself through a share swap. Spice shareholders would get 49 Idea shares for every 100 Spice shares held.