The independent directors of Can-One Bhd have advised minority shareholders to reject the takeover offer of RM2.50 a share as it is sharply below the fair value of RM9.77 a share.
KUALA LUMPUR: Blue chips snapped their losing streak on Thursday on some buying of IHH Healthcare and KL Kepong but gloves lost ground amid a weaker broader market though there were some bright spots in the economic outlook.
At 5pm, the FBM KLCI was up 2.66 points or 0.17% to 1,578.33. Turnover was 6.20 billion shares valued at RM4.46bil. Decliners beat advancers about two to one or 772 losers to 369 gainers while 399 counters were unchanged.
There was some firmer buying of blue chips after the Statistics Department announced a rebound in the March industrial production index to the highest since mid-2013.
Bank Negara Malaysia announced it was keeping the Overnight Policy Rate unchanged at 1.75% following its monetary policy committee (MPC) meeting.
to be among the stocks to watch on Wednesday.
T7 Global has secured a RM50mil work order award from Petronas Carigali Sdn Bhd for the provision of plug and abandonment integrated services.
Rohas Tecnic had secured a transmission line fabrication job with an estimated value of RM37mil.
YTL Corp’s 98%-owned subsidiary YTL Cement (Hong Kong) Ltd has finalised the disposal of its 100% equity interest in Zhejiang Hangzhou Dama Cement Co Ltd (Dama Cement).
Can-One has received a notice of unconditional mandatory takeover offer from major shareholder Eller Axis Sdn Bhd to acquire the remaining shares in Can-One not owned by Eller Axis and the ultimate offeror Yeoh Jin Hoe for RM2.50 per share.
KUALA LUMPUR: Can-One Bhd's major shareholder and director Yeoh Jin Hoe has raised his stake in the company to 44.67%, triggering a mandatory takeover offer.
KUALA LUMPUR (May 4): Can-One Bhd has received a notice of unconditional mandatory takeover offer from major shareholder Eller Axis Sdn Bhd to acquire the remaining shares in Can-One not owned by Eller Axis and the ultimate offeror Yeoh Jin Hoe for RM2.50 per share.
According to the notice of the offer from UOB Kay Hian sent on behalf of Eller Axis, which Can-One filed with Bursa Malaysia today, Eller Axis inked an unconditional share sale agreement with Genkho Candoz Sdn Bhd today to acquire 40.24 million shares or 20.94% in the metal-can manufacturer at RM2.50 per share or RM100.6 million in total, cash.