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
‘Extreme’ climate blamed for world’s worst wine harvest in 62 years
Sheng Siong Q1 net profit up 9.3% on higher revenue
Nestle sales growth sputters on US slump, vitamin snags
Hermes Q1 sales jump 17% on strong China demand
Cordlife’s independent auditor to retire after issuing disclaimer of opinion on FY2023 financials
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO