Wednesday, October 27, 2010

#Flash* Atis, AIV won't raise offer price for Mutiara Goodyear

KUALA LUMPUR: ATIS CORPORATION BHD [] (Atis) and Atis IDR Ventures Sdn bhd (AIV) will not raise the current offer price of 97 sen per share for the remaining MUTIARA GOODYEAR DEVELOPMENT [] Bhd stake.

Atis non-independent non-executive director Lim Beng Guan said on Wednesday, Oct 27, the offer price will be maintained and it was up to Mutiara Goodyear???s shareholders to decide on the offer.

The Edge FinancialDaily reported independent adviser PM Securities Sdn Bhd had described the offer price as ???unfair and unreasonable???.

Atis and AIV are the joint offerors in the unconditional takeover offer of Mutiara Goodyear.

On September 24, ATIS and AIV made a conditional takeover offer for Mutiara Goodyear after raising its stake to 44.44%. The offer became unconditional on Sept 27 after Mutiara Goodyear executive chairman Hamidon Abdullah acquired a 7.88% stake, thereby raising the total voting stake to 52.33%.

Hamidon owns 45% of AIV while Atis owns the remaining 55% of AIV. The first closing date for the offer is Nov 8.

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