[KUALA LUMPUR] Cocoaland Holdings Bhd , a Malaysian snack and candy company, said it had received a takeover offer from new suitor Hong Kong-listed First Pacific Co Ltd that values it at 463.3 million ringgit (US$125 million).
The two companies have entered into a six-week period of exclusive negotiations. First Pacific is an investment firm with holdings in telecommunications, consumer food products and resource companies.
The 2.70 ringgit per share offer from First Pacific tops a 2.20 ringgit per share or 377.5 million ringgit approach from a unit of Navis Asia Fund that Cocoaland had rejected last week.
Shares of Cocoaland surged 27 per cent on Wednesday to 2.60 ringgit per share after being suspended for two days pending the announcement. But it remained below the offer price, suggesting some reservations in the market that the deal may not go through.