Friday, 5 May 2017

(The Star) Tanco takeover offer turns unconditional

PETALING JAYA: Property developer Tanco Holdings Bhd’s major shareholders’ offer to take over the company has now become unconditional.

The major shareholders’ stake now totals 50.26%, including shares that they hold and are entitled to acquire.

In a filing with Bursa Malaysia, Mercury Securities, which represents Tanco’s major shareholders – Datuk Seri Tan Jing Nam, Andrew Tan Jun Suan and Datuk Tan Lee Sing (the joint offerers) - said the takeover offer had turned unconditional since Tuesday.

“The unconditional offer will be kept open for acceptances for at least 14 more days from May 2. On behalf of the joint offerers, we wish to inform that the unconditional offer shall remain open for acceptances until 5pm on May 16,” said Mercury Securities.

Earlier, the trio had made a conditional mandatory takeover offer to acquire all the remaining Tanco shares not already owned by them. They had proffered to buy the remaining shares at 8.12 sen per unit and RM1.62 for each unit of Tanco’s redeemable convertible notes (RCN).

The three major shareholders own or are entitled to acquire 316.85 million shares or 50.26% of the issued share capital of Tanco. They intend to maintain the listing status of Tanco on the Main Market of Bursa Securities.

“In the event Tanco does not comply with the public shareholding spread requirement pursuant to the offer, the joint offerers will explore various options or proposals to enable Tanco to comply with the public shareholding spread requirement,” said Mercury Securities. The independent adviser, BDO Capital Consultants Sdn Bhd, had earlier recommended Tanco’s minority shareholders to reject the takeover bid by the trio.