PETALING JAYA: CAN-ONE BHD, a manufacturer of cans, has received a buyout offer for its unit, F & B Nutrition Sdn Bhd at a price of up to RM1bil.
The announcement of the offer which came from Asia Dairy Creations Sdn Bhd, a special purpose vehicle managed by Southern Capital Group Pte Ltd, stated that the company is willing to purchase F & B Nutrition’s entire share capital at an indicative consideration of between RM800mil and RM1bil.
According to the announcement by Can-One on Bursa Malaysia, the offer letter was received yesterday and was dated the same day.
“The offer shall remain open for acceptance from the date of the offer letter until 5pm today after which it will automatically lapse,” the announcement to Bursa Malaysia said.
The board will deliberate on the offer and decide on the next course of action, and an announcement on the same will be made in due course, it said.
None of the directors, major shareholders of Can-One and/or persons connected with them have any interest, whether directly or indirectly, in the offer, it added.
Southern Capital on its website said it is a private equity firm that focuses on control buyouts of high-growth middle market businesses in South-East Asia.
According to the firm, it has a successful track record of acquiring and growing middle market businesses with enterprise values of between US$20mil to US$200mil.
Southern Capital has two offices in Kuala Lumpur and Singapore and comprise an investment team of 12 professionals, with diverse backgrounds in private equity, industry, finance and consulting, the company said.
F&B Nutrition is an original equipment manufacturer (OEM) of sweetened creamer and evaporated creamer.
According to its annual report, Can-One owns an effective 100% stake in F & B Nutrition.