SC rejects TA’s bid to withdraw takeover offer

In a statement, the SC said in arriving at its decision, it had considered, among others, the justifications provided by the applicant, the conduct of the applicant from the time of the announcement of the offer up to the date of the application to the SC and precedents from other jurisdictions.

PETALING JAYA: The Securities Commission (SC) has rejected the request by stockbroker TA Enterprise Bhd to withdraw its earlier offer to take over its property arm TA Global Bhd.

TA Enterprise told the stock exchange yesterday that the SC had announced its decision via a letter dated June 1, after considering “the justifications provided on a holistic basis”.

In a statement, the SC said in arriving at its decision, it had considered, among others, the justifications provided by the applicant, the conduct of the applicant from the time of the announcement of the offer up to the date of the application to the SC and precedents from other jurisdictions.