Latexx Partners accepts lower offer of RM1.25b

KUALA LUMPUR: Latexx Partners Bhd has accepted a lower offer of RM1.25 billion from the YTY Group of companies in a proposed merger instead of RM1.365 billion sought earlier.

The glove maker said on Wednesday, June 8 that 30% of the purchase consideration or RM375 million would be in cash.

The balance of RM875 million would be in the form of 350 million new shares at an issue price of RM2.50 per share, which was arrived at based on the 5-days volume weighted average price of Latexx shares before the date of the offer.

Under the earlier offer, 30% of the purchase consideration of RM409.50 million would be payable in cash and the remaining RM955.50 million would be via 382.20 million new shares at RM2.50 per share.

The timeframe to fulfill conditions precedent was six months or such extended period mutually agreed by both parties from the date of SPA instead of 90 days under the earlier offer.