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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

   

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