Can-One, Kian Joo advance on takeover offer

  • Business
  • Wednesday, 27 Nov 2013

KUALA LUMPUR: Shares of Can-One Bhd and packaging solutions company Kian Joo Can Factory Bhd (KJCF) bucked the cautious broader market early Wednesday following the fresh corporate developments involving a RM1.46bil takeover exercise.

At 9.25am, KJCF was up eight sen to RM3.29, which was just one sen away from the RM3.30 takeover offer price. There were 493,700 shares done at prices ranging from RM3.6 to RM3.30.

Can-One jumped 25 sen to RM3.71. There were 540,600 shares done at prices ranging from RM3.50 to RM3.90.

The FBM KLCI fell 4.84 points to 1,793.29. Turnover was 214.68 million shares valued at RM199.22mil. There were 122 gainers, 171 losers and 185 counters unchanged.

KJCF had received a RM1.46bil cash takeover offer from Aspire Insight Sdn Bhd at RM3.30 a share, which is RM1.01 above its net asset per share of RM2.29.

According to the takeover letter to KJCF, Aspire Insight would acquire the entire business and undertaking including all the assets and liabilities.

The shareholders of Aspire Insight are Ekuiti Merdu Sdn Bhd and Alleyways Sdn Bhd. Ekuiti is wholly owned by the Employees Provident Fund which is a substantial shareholder of KJCF. Alleyways, on the other hand, is majority owned by Freddie Chee Khay Leong.

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