Offer to take over The Store Corp turns unconditional


The Tang family has launched a bid to take The Store Corp Bhd, which operates the country’s oldest existing supermarket and departmental store chain, private. The sign above is seen at its outlet in Seri Petaling, Kuala Lumpur.

KUALA LUMPUR: The offer made by The Store Corp Bhd (TSCB) group managing director Tan Sri Tang Yeam Soon and his wife to acquire shares in the supermarket chain operator has turned unconditional, as they have gained control of 59.57% equity interest.

Tang and his wife Puan Sri Khor Guik Lee, who are planning to take the company private through TYS Consolidated Sdn Bhd, had received valid acceptances representing a 45.69% stake as of 5pm on Tuesday, TSCB told Bursa Malaysia.

This is in addition to the 13.88% stake they had acquired prior to making the takeover offer. 

On Nov 28, The Tang family notified the board of its takeover offer for the remaining RM1 shares they did not already own in TSCB for RM3.52 each in cash. They increased the offer price to RM3.70 last Friday.

On that day, TSCB shares closed at RM3.56. The price rose to RM3.75 on Tuesday, surpassing the offer price, albeit on thin volume comprising 17,400 shares.

The offer will remain open until 5pm on Jan 10, 2017.
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