Quick take: Can-One shares soar on offer up to RM1b for dairy product unit

KUALA LUMPUR: Shares in Can-One Bhd rose 7.6% in early trade Tuesday after the company received offer up to RM1bil for its dairy product unit.

The can manufacturer, is the top gainer on Bursa Malaysia, rising 7.58%, or 26 sen to RM3.69, its highest since Nov 2016, with 1.7 million shares traded.

Can-One 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, stated that the company is willing to purchase F & B Nutrition’s entire share capital at an indicative consideration of between RM800mil and RM1bil.

“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.

Can-One itself recently completed a takeover exercise, gaining full control of Kian Joo Can Factory Bhd.

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