All for a fairer takeover code

Effectively, CCB’s plan to take the company private failed on all three counts.

LAST week, Cycle & Carriage Bintang’s (CCB) major shareholder, Jardine Cycle & Carriage Ltd (JCCL), launched its third attempt to take the company private by extending an unconditional voluntary take-over offer to acquire the remaining shares not already owned.

To recap, in its first attempt, JCCL proposed to privatise CCB via the selective capital reduction (SCR) route at an offer price of RM2.20 per share.