Reject offer, Maypak shareholders advised
PETALING JAYA: Independent adviser Mercury Securities Sdn Bhd deems the takeover offer by Japan’s Taisei Lamick Co Ltd for Malaysia Packaging Industry Bhd (Maypak) shares “reasonable” but “not fair”.
In an independent advice circular filed with the stock exchange yesterday, Mercury Securities said the reasonable view is premised on the illiquidity of Maypak shares and that the offer provides an exit opportunity to its shareholders to realise their investment in the Maypak shares in cash at the offer price.
Nonetheless, it is of the view that the offer is “not fair” and outweighs the “reasonable” view as the offer price of 65 sen represents a significant discount of 63.07% over the estimated revalued net asset value of RM73.86 million or RM1.76 per share.
Accordingly, Mercury Securities recommends the holders reject the offer.
The offer will remain open for acceptances until 5pm on Oct 27.
Taisei does not intend to maintain the listing status of Maypak, which is involved in the manufacturing and sale of printed and laminated flexible light packaging materials.