KUALA LUMPUR (March 19): Shares of ROCK CHEMICAL INDUSTRIES (M) [] Bhd (RCI) were untraded when they resumed trading in the afternoon session on Monday after the company received a notice of conditional take-over offer at RM2.10 per share.
At 2.38pm, there were buy bids for 1,000 shares at RM1.97 while there were sell bids for 31,100 shares at RM2.10.
Mega First Corp Bhd has served a takeover notice on its 60.43% subsidiary RCI to acquire the remaining shares it does not own at RM2.10 each.
Mega First, a power plant builder and property developer, said the takeover offer will give the acquirer full control of Rock Chemical, building materials entity, hence greater flexibility to dictate the subsidiary’s business direction.
RCI’s board of directors said it had received a notice of conditional take-over offer for the shares.
“The board does not intend to seek any other person to make a competing or alternative take-over offer for the offer shares,” it said.
At 2.38pm, there were buy bids for 1,000 shares at RM1.97 while there were sell bids for 31,100 shares at RM2.10.
Mega First Corp Bhd has served a takeover notice on its 60.43% subsidiary RCI to acquire the remaining shares it does not own at RM2.10 each.
Mega First, a power plant builder and property developer, said the takeover offer will give the acquirer full control of Rock Chemical, building materials entity, hence greater flexibility to dictate the subsidiary’s business direction.
RCI’s board of directors said it had received a notice of conditional take-over offer for the shares.
“The board does not intend to seek any other person to make a competing or alternative take-over offer for the offer shares,” it said.
