TANCO (2429) TANCO HOLDINGS BHD - Tanco gets take-over offer
KUALA LUMPUR (Feb 11): Tanco Holdings Bhd has received a take-over offer from major shareholders at 8.12 sen a share and RM1.624 per redeemable convertible note (RCN).
In a statement to Bursa Malaysia yesterday, property developer Tanco said the joint offrerors were Datuk Seri Tan Jing Nam, Andrew Tan Jun Suan and Datuk Tan Lee Sing. They own a collective 34.1% stake in Tanco.
"In accordance with the rules on take-overs, mergers and compulsory acquisitions, the board has resolved to engage an independent adviser to advise the non-interested directors and holders of the offer securities on the offer, to which an announcement on such engagement will be made accordingly in due course," Tanco said.
Tanco said Mercury Securities Sdn Bhd is advising the joint offerors. According to Mercury, the joint offerors intended to maintain Tanco's listing on Bursa Malaysia.
Yesterday (Friday, February 10), Tanco shares rose 1.5 sen or 23% to close at eight sen for a market value of RM29.94 million. The company's latest reported net assets per share stood at 45 sen.
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TANCO (2429) TANCO HOLDINGS BHD - Tanco gets take-over offer
http://www.theedgemarkets.com/my/article/tanco-gets-take-over-offer
