CCB takeover offer deemed reasonable

It advised minority CCB shareholders and its non-interested directors to accept the offer. The non-interested directors of CCB concurred with Kenanga’s findings.

PETALING JAYA: Kenanga Investment Bank Bhd or Kenanga IB, acting as an independent adviser, has stated that the RM2.70 a share unconditional voluntary takeover offer tabled by Jardine Cycle & Carriage Ltd for Cycle & Carriage Bintang Bhd (CCB) was from a valuation perspective “not fair but reasonable”, given that the stock will be delisted.

It advised minority CCB shareholders and its non-interested directors to accept the offer. The non-interested directors of CCB concurred with Kenanga’s findings.