Can-One takeover offer at RM2.50 not fair, call to reject it

In the executive summary, the board said the estimated fair value of Can-One is RM1.87bil or RM9.77 per Can-One share.

KUALA LUMPUR: The independent directors of Can-One Bhd have advised minority shareholders to reject the takeover offer of RM2.50 a share as it is sharply below the fair value of RM9.77 a share.

In the circular to minority shareholders on Friday, the independent directors concurred with independent adviser Public Investment Bank that the takeover offer is “not fair” and “not reasonable” and recommended they “reject” the offer.