Little take-up for Paragon Union’s offer

The independent directors and the independent adviser Malacca Securities described the offer as “not fair and not reasonable” and recommended the minority shareholder to “reject” the offer.

PETALING JAYA: Almost all minority shareholders of Paragon Union Bhd have rejected the unconditional mandatory takeover offer by Koon Hoi Chun, the sole shareholder and director of AKK Capital.

Hong Leong Investment Bank, which represents AKK Capital, said only 20,500 shares or 0.03% of the ordinary share base have been acquired via the takeover offer, which closed yesterday. This brought Koon’s stake in the carpet maker to 57.85%.