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Hong Kong's First Pacific aborts deal to buy Malaysia's Cocoaland
[KUALA LUMPUR] Cocoaland Holdings Bhd, a Malaysian snack and candy company, said on Monday that Hong Kong-listed First Pacific Co Ltd has aborted a plan to take over its business.
The move comes more than six weeks after First Pacific, an investment firm with holdings in telecommunications, consumer food products and resource companies, proposed to buy Cocoaland for 463.32 million ringgit (S$166.9 million), or 2.70 ringgit per share.
First Pacific had withdrawn its proposal due to a difference in the strategic fit offered by Cocoaland from what First Pacific had envisaged, according to a stock exchange filing by Cocoaland.
Shares of Cocoaland dived as much as 16.7 per cent to 2.00 ringgit after the announcement.