Willowglen shareholders may be disappointed

KUALA LUMPUR: Willowglen MSC Bhd shareholders, who have been anticipating a corporate exercise in line with the 77% year-to-date rise in the share price of the supervisory and security solutions firm, may end up being disappointed.

They received a mandatory takeover offer (MTO) yesterday from New Advent Sdn Bhd, a company owned by the family of Willowglen group managing director Wong Ah Chiew. However, the 80-sen per share cash offer is 40% below the previous day’s closing price of RM1.34. (Monday was the last full trading day. The trading of Willowglen shares was suspended yesterday pending the announcement of the MTO.)