Bursa Alert
Global Market
NewsHot Stock Cocoaland share price dives on aborted takeover
Page 1 of 1
Hot Stock Cocoaland share price dives on aborted takeover
by Cals Mon 20 Jul 2015, 17:53
Hot Stock
Cocoaland share price dives on aborted takeover
KUALA LUMPUR (July 20): Cocoaland Bhd ([You must be registered and logged in to see this image.] Financial Dashboard)’s share price took a dive this morning as Hong Kong-listed First Pacific Co Ltd aborted its plan to take over the confectionery business.
At 10.55am, its shares were down 33 sen or 15.94% to RM2.07, making it the second-largest loser across the bourse.
According to a filing with Bursa Malaysia today, First Pacific had withdrawn its intention to acquire all the business and undertaking of Cocoaland due to a difference in the strategic fit offered by Cocoaland from what First Pacific had envisaged.
To recap, First Pacific was the front runner to acquire the snacks and candy maker, after proposing on May 29 to acquire Cocoaland (fundamental: 2.8, valuation: 2.0) for RM463.32 million or RM2.70 per share.
Cocoaland had early rejected Navis Asia VII Management Co Ltd’s offer of RM2.20 per share.
In a filing with Bursa Malaysia dated June 2, Cocoaland said it received an indicative non-binding proposal dated from First Pacific, which detailed the proposed takeover of all its assets and liabilities will be undertaken by a special purpose vehicle (SPV).
Leverage Success Sdn Bhd, Cocoaland's largest shareholder with a 38% stake, had intended to acquire a stake in the SPV.
Cocoaland share price dives on aborted takeover
KUALA LUMPUR (July 20): Cocoaland Bhd ([You must be registered and logged in to see this image.] Financial Dashboard)’s share price took a dive this morning as Hong Kong-listed First Pacific Co Ltd aborted its plan to take over the confectionery business.
At 10.55am, its shares were down 33 sen or 15.94% to RM2.07, making it the second-largest loser across the bourse.
According to a filing with Bursa Malaysia today, First Pacific had withdrawn its intention to acquire all the business and undertaking of Cocoaland due to a difference in the strategic fit offered by Cocoaland from what First Pacific had envisaged.
To recap, First Pacific was the front runner to acquire the snacks and candy maker, after proposing on May 29 to acquire Cocoaland (fundamental: 2.8, valuation: 2.0) for RM463.32 million or RM2.70 per share.
Cocoaland had early rejected Navis Asia VII Management Co Ltd’s offer of RM2.20 per share.
In a filing with Bursa Malaysia dated June 2, Cocoaland said it received an indicative non-binding proposal dated from First Pacific, which detailed the proposed takeover of all its assets and liabilities will be undertaken by a special purpose vehicle (SPV).
Leverage Success Sdn Bhd, Cocoaland's largest shareholder with a 38% stake, had intended to acquire a stake in the SPV.
Cals- Administrator
- Posts : 25277 Credits : 57721 Reputation : 1766
Join date : 2011-09-08
Location : global
Comments : “My plan of trading was sound enough and won oftener that it lost. If I had stuck to it Iâ€
d have been right perhaps as often as seven out of ten times.â€
Stock Exposure : Technical Analysis / Fundamental Analysis / Mental Analysis
Similar topics» Hot Stock Komarkcorp share price jumps nearly 33% on possible takeover
» Hot Stock Cocoaland jumps 22.55% on takeover offer
» Hot Stock Luster share, warrants fall on takeover denial
» Hot Stock Kumpulan Hartanah jumps 5% on revision of KDEB takeover price
» Hot Stock Heveaboard gains 10.48% after share price goes ex
» Hot Stock Cocoaland jumps 22.55% on takeover offer
» Hot Stock Luster share, warrants fall on takeover denial
» Hot Stock Kumpulan Hartanah jumps 5% on revision of KDEB takeover price
» Hot Stock Heveaboard gains 10.48% after share price goes ex
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum