KUALA LUMPUR: Glove manufacturer Rubberex Corp (M) Bhd, whose share price had run up in line with the other glove makers due to the Covid-19 pandemic, saw minority shareholders being told to reject the takeover offer of RM1.80 per share
The independent adviser, MainStreet Advisers Sdn Bhd and Rubberex's non-interested directors had in the independent advice circular (IAC) concurred the offer price was a discount to the estimate value of the share and also the volume weighted average price (VWAP) while the shares were easily tradeable on Bursa Malaysia and hence, the offer was unreasonable.
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