Malaysia's Cocoaland wooed by new suitor, company valued at US$125 mln
[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.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Possible class action lawsuit against Cordlife by customers could take at least 2 years
Chinese tariffs could leave cognac makers with too much brandy
Holiday Inn owner IHG’s Q1 revenue up 2.6%, leisure travel demand remains strong
WSJ moves Asia headquarters from Hong Kong to Singapore
South Korea to slap fines on food suppliers for ‘shrinkflation’
Olam outbids Dreyfus’ sweetened deal for Australia’s Namoi, raises offer to A$0.66 per share