OldTown’s shares rise on takeover offer

KUALA LUMPUR: OldTown Bhd ’s shares on Bursa Malaysia rose in early trade following a  RM1.47bil takeover offer from Dutch coffee company Jacobs Douwe Egberts (JDE).

The coffee manufacturer and operator of cafe outlets saw its shares jumped 5.9%, or 17 sen to RM3.05, making it one of the top gainers so far today. About 1.16 million shares were traded.

OldTown-Ca rose 55.56%, or five sen to 14 sen while OldTown-CB gained 75%, or 4.5 sen to 10.5 sen.

OldTown shares was suspended on Friday pending the announcement of its corporate news.


Its 52-week high was RM3.42 on May 16, 2017 and 52-week low was RM1.83 on Dec 8, 2016.

The group has received notice of a buyout offer from JDE in deal worth RM1.47bil.

JDE, which marked its first foray into Asia with the completion of its S$1.45bil (RM4.37bil) acquisition of Singapore-listed Super Group in June, is pricing its offer at RM3.18 per OldTown share.

The buyout offer is conditional upon approvals from antitrust authorities.

Stock on the Move , OldTown