JTI Malaysia Parent Launches RM808.46m Takeover Offer

Source from:  The Malaysian Insider‎  04/01/2014

Japan Tobacco Inc., the major shareholder of JTI Malaysia Bhd with 60.37% stake or 157.885 million shares, has launched a conditional takeover for the remaining shares at RM7.80 cash per share.

JTI Malaysia said on Monday it had received the takeover offer for the remaining shares comprising of 39.63% or 103.649 million shares totalling RM808.46mil from Japan Tobacco Inc's unit JT International Holding B.V.

It said the board would appoint an independent adviser to advise the non-interested directors and the holders of the offer shares in relation to the offer.

"The offer price of RM7.80 was determined after taking into consideration the market prices of the shares prior to the date of notice and the offeree group's audited net assets per share of RM1.35 as at Dec 31, 2012 and announced unaudited net asset per share of RM1.37 as at Dec 31, 2013," it said.

JTI said the offeror does not intend to maintain its listing status. Enditem