MBM Resources: To take over Hirotako
MBM Resources Bhd has made a takeover offer for Hirotako Holdings Bhd offering 97 sen per share, which is 9 sen above the pre-suspension price of 88 sen. Hirotako said on 27 October it had received a notice of conditional take-over offer from AmInvestment Bank Bhd on behalf of MBM Resources.
MBM Resources was offering 97 sen per share for all the voting shares of 25 sen each in Hirotako and 5.0 sen per warrant. “The board of directors of Hirotako will hold a meeting tomorrow to deliberate on the offer,” it said. MBM Resources said it had obtained an irrevocable undertaking from Hiro-Dapat Holdings Sdn Bhd -- the largest shareholder with 39.948m shares or 22.85% -- to accept the offer. Hiro-Dapat is controlled by Hirotako group MD Datuk Kuan Peng Ching @ Kuan Peng Soon. MBM Resources said it did not intend to maintain Hirotako’s listing status.
Read analysis on this at: MBM Resources Analysis