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KUALA LUMPUR (May 5): Can-One Bhd’s share price fell about 6% after rising in Bursa Malaysia morning trade today following the can manufacturer’s announcement yesterday it received a notice of unconditional mandatory takeover offer from substantial shareholder Eller Axis Sdn Bhd to acquire the remaining shares in Can-One not owned by Eller Axis and ultimate offeror Yeoh Jin Hoe.
At 9:38am today, Can-One’s share price fell 17 sen or 5.72% to RM2.80 after rising to its highest so far today at RM2.91.
Can-One’s share trade resumed today following a suspension yesterday in conjunction with the takeover offer announcement.
In a statement to Bursa yesterday, Can-One said pursuant to paragraph 3.06 of Bursa’s rules on takeovers, mergers and compulsory acquisitions, an independent adviser will be appointed by the board of Can-One to provide comments, opinions, information and recommendation on the offer to non-interested directors and holders of the offer shares.