TAKEOVER OF­FER FOR HUAT LAI ‘NOT FAIR BUT REA­SON­ABLE’

The Sun (Malaysia) - - SUNBIZ -

PETALING JAYA: In­de­pen­dent ad­viser Mer­cury Se­cu­ri­ties Sdn Bhd deems the takeover of­fer of RM5 per share for Huat Lai Re­sources Bhd as “not fair but rea­son­able”, but rec­om­mends its share­hold­ers to ac­cept the of­fer. In an in­de­pen­dent ad­vice cir­cu­lar filed with the stock ex­change yes­ter­day, Mer­cury Se­cu­ri­ties said it has de­rived a range of fair value for the en­tire eq­uity in­ter­est in Huat Lai of be­tween RM535.7 mil­lion and RM574.59 mil­lion, or RM6.87 and RM7.36 per share. The of­fer price of RM5 rep­re­sents a dis­count of about 27.22% to 32.07% over the the fair value range, hence the the takeover of­fer is con­sid­ered “not fair”.

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