Saturday, October 29, 2011

Hirotako board not seeking alternative takeover offer

KUALA LUMPUR: HIROTAKO HOLDINGS BHD []’s board of directors does not intend to see an alternative party to make a takeover offer for the securities of the company.

It said on Friday, Oct 28 under the Malaysian Code on Take-Overs and Mergers, 1998, the board will appoint an independent adviser for purposes of the offer.

“The notice will be posted to the shareholders of Hirotako Holdings within seven days of its receipt,” it said.

On Thursday, MBM RESOURCES BHD [] offered 97 per share which was nine sen above the pre-suspension price of 88 sen and only 5.0 sen per warrant in its takeover offer.

OSK Research said at 97 sen, this was 14% above Hirotako’s five-day market average closing prices of 85 sen a share and 5% above the warrant’s exercise price of 92 sen a share.

At 12.30pm, Hirotako share price rose six sen to 94 sen with 23.54 million shares done while the warrants fell 8.5 sen to 15 sen with 66.51 million units done.

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