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NewsKian Joo Saga Anthony See changes mind, now objects Aspire Insight’s takeover offer
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Kian Joo Saga Anthony See changes mind, now objects Aspire Insight’s takeover offer
by Cals Fri 18 Apr 2014, 02:27
| Kian Joo Saga Anthony See changes mind, now objects Aspire Insight’s takeover offer |
| Business & Markets 2014 |
| Written by Ho Wah Foon of theedgemalaysia.com |
| Thursday, 17 April 2014 13:02 |
KUALA LUMPUR (April 17): Datuk Anthony See, executive director of Kian Joo Can Factory Bhd (KJCF), declared he has change his mind and is now against the sale of KJCF to Aspire Insight due to interest from Japan’s Toyota Tsusho Corporation.
In a statement to the stock exchange, KJCF announced: “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.”
KJCF said it has yet to receive a reply from TTC on the proof of funds and other standard documents, other than the letter of intent.
TTC’s offer is 13.3% higher than Aspire’s, at a tentative maximum price of RM3.74 per share versus Aspire Insight’s RM3.30 per share.
The announcement by Anthony today will mean there are more obstacles in the way of the proposed takeover by Aspire Insight, jointly owned by the EPF and Chee Khay Leong. Chee is the chief operating officer and executive director of KJCF.
The EGM for the proposed takeover, pricing the entire assets and liabilities of KJCF at RM1.47 billion or RM3.30 per KJCF share, will be held in May.
Aspire will need 75% approval from those present and voting to seal the deal.
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