Shareholders snub Senthilverl Holdings’ mandatory offer for Serendib Land

The mandatory offer extended by Senthilverl Holdings (Private) Limited to acquire the remaining shares of Serendib Land PLC concluded without a single shareholder accepting the bid. 

According to a disclosure filed with the Colombo Stock Exchange, no acceptances were received during the offer period, which commenced on December 22, 2025 and expired on January 14, 2026.

Consequently, Senthilverl Holdings did not acquire any additional shares during this period, leaving its stake in the company unchanged. The company continues to hold 152,681 shares, representing a 38.27 percent stake in Serendib Land PLC, the same position it held prior to the mandatory offer.

The outcome validates the recommendation made by the independent advisor HNB Investment Bank, which had advised the shareholders to reject the offer. The advisors highlighted that the offer price of Rs.1,500 per share was at a 15.98 percent discount to the company’s net asset value per share. The total lack of acceptances suggests that the minority shareholders were aligned with this valuation assessment and opted to hold their portfolios rather than exit at a price they perceived as undervalued.