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StockWatch Shares of Kian Joo, Box-Pak rise after ED rejects Aspire’s takeover offer
by Cals Fri 18 Apr 2014, 21:11
| StockWatch Shares of Kian Joo, Box-Pak rise after ED rejects Aspire’s takeover offer |
| Business & Markets 2014 |
| Written by Jonathan Gan of theedgemalaysia.com |
| Friday, 18 April 2014 16:34 |
KUALA LUMPUR (Apr 18): Shares of Kian Joo Can Factory Bhd (KJCF) and its subsidiary Box-Pax (M) Bhd rose today following news that a key KJCF executive director is now against the sale of KJCF to Aspire Insight for RM3.30 per share.
At 3:40 pm today, KJCF rose 7 sen or 2% to RM3.36 per share while Box-Pax rose 4 sen or 1.6% to RM2.5.
Yesterday, KJCF announced that Datuk Anthony See Teow Guan, executive director at KJCF, has changed his mind and is now against the proposed disposal to Aspire Insight.
“Datuk Anthony See Teow Guan has declared that he is now against the proposed disposal. Datuk Anthony See’s reason for the change of decision is in light of the letter of interest that was received from Toyota Tsusho Corporation (TTC),” said KJCF.
TTC’s offer is at a tentative maximum price of RM3.74 per share, versus Aspire Insight’s RM3.30 per share.
The EGM for Aspire Insight’s proposed takeover, pricing the entire assets and liabilities of KJCF at RM1.47 billion or RM3.30 per KJCF share, will be held on May 23. Aspire Insight will need 75% approval from those present and voting to seal the deal.
KJCF will have a chance to fetch a higher offer price if Aspire Insight’s proposal is rejected on May 23 and the TTC’s higher offer still stands.
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