KUALA LUMPUR: Willowglen MSC Bhd
saw 24.38 million of its shares traded off-market at a steep discount to the prevailing market price on Wednesday.
Stock market data showed that the shares, accounting for 9.83% of its paid-up, were transacted at 80 sen each.
This was 59 sen below the pre-suspension price of RM1.39 on Tuesday afternoon.
At 4.50pm, Willowglen was down 11 sen to RM1.28.
Willowglen received a mandatory takeover offer (MTO) on Tuesday from New Advent Sdn Bhd, a company owned by the family of Willowglen group managing director Wong Ah Chiew at 80 sen each.
New Advent was making the takeover offer for shares representing about 45% of the company’s issued shares (excluding treasury shares) not already held by the offeror and its persons acting in concert (PACs).
That means the Wong family is prepared to fork out RM87.6mil for the rest of the shares they do not own, totalling 109.5 million.