At 10am, Daibochi's share price had eased off an intraday high of RM2.70 share to RM2.69, which represents a jump of 30 sen or 12.55% from the reference price.
There were over five million shares done within the first hour of trading.
Daiboci-WB surged 12.5 sen or 64.1% to 32 sen apiece, off the intraday peak of 32.5 sen, on the back of nine million shares exchanging hands.
Meanwhile, Scientex's share price was up seven sen or 1.53% to RM4.64 apiece with over 600,000 shares traded.
Scientex said in a Bursa Malaysia filing yesterday that the proposed voluntary takeover exercise would entail the purchase of 38.12% of Daibochi's issues shares excluding treasury shares for RM2.70 each, and 95.75% of its outstanding warrants for 32 sen each.
The offer price of RM2.70 per share represents a premium of 17.39% over the three-month volume weighted average market price (VWAP) up to the last traded price on Sept 10, 2021.
In addition, the offer price represents a premium of 221.43% over the latest unaudited consolidated net asset per Daibochi share of 84 sen as at April 30, 2021.
The offer price for the warrants represents a premium of 100% over the three-month VWAP of Daibochi up to Sept 10.
"To ensure uninterrupted supply to customers, it is crucial to future-proof Daibochi’s capabilities through implementation of risk mitigation and business continuity plans that are integrated with Scientex’s resources and internal processes.
“This will enhance Daibochi’s competitive edge and resilience, as well as reinforce the confidence among its multinational companies and local prominent brands," said Scientex CEO Lim Peng Jin.