PETALING JAYA: Can-One Bhd has received a unconditional mandatory takeover offer at RM2.50 per share from its director Yeoh Jin Hoe and persons acting in concert with him (PACs).
In a filing with Bursa Malaysia, the group said Eller Axis Sdn Bhd had entered into an unconditional share sale agreement with Genkho Candoz Sdn Bhd to buy a 20.94% stake in Can-One for RM100.6mil or RM2.50 per Can-One share.
Can-One is involved in the manufacture of metal and lithographed cans, plastic jerry cans, bag-in-boxes, and the manufacture, packaging and distribution of dairy and non-dairy products.(pic below)
Before the deal, Yeoh who owns 95% of Eller Axis had a 3.91% stake in Can-One, while Eller Axis owns 23.73% and the PACs held another 11.99%.
After the deal, Yeoh, Eller Axis and the PACs will see their collective stakes in Can-One rising from 39.63% to 60.57%, and as such, are obliged to extend an unconditional mandatory take-over offer to acquire all the remaining Can-One Shares which are not already held by them.
Eller Axis intends to maintain the listing status of Can-One.
The 74-year-old Yeoh was formerly Can-One’s managing director (April 2005 till July 2012), before being appointed as group managing director of Kian Joo Can Factory Bhd (KJCFB), a wholly owned subsidiary of Can-One.
Yeoh has extensive experience in the manufacturing and trading industries, having been the founder of several companies.
The Kaiserkorp Sdn Bhd group which manufactures and distributes KingKoil and other branded mattresses as well as other sleep related products in Malaysia were started by him in the 1980s.
Yeoh also founded the Agrow Malaysia Sdn Bhd group which distributes sanitary wares, ironmongery and builders’ hardware.
Thereafter, he went on to establish the Ibufood Corp Sdn Bhd group which manufactures and distributes instant noodles, food seasonings, instant soups and marinades.
Yeoh is also the group managing director of Box-Pak (M) Bhd, which is a subsidiary of KJCFB.
He is also an executive director of Alcom Group Bhd (AGB) as well as Aluminium Company of Malaysia Bhd, a subsidiary of AGB.
Yeoh is also the father of Marc Francis Yeoh Min Chang, the group managing director of Can-One, and the brother of Can-One director Yeoh Jin Beng.