GEORGE TOWN: The High Court has dismissed with costs the suit filed by Primus (M) Sdn Bhd against certain shareholders and directors of EON CAPITAL BHD [] (EONCap) over the proposed sale of the latter to HONG LEONG BANK BHD [].
The decision was made by Judge Varghese George Varughese on Thursday, April 28.
Primus' counsel Ranjit Singh says he would appeal as soon as possible against court decision.
The decision came just two days ahead of Hong Leong Bank's April 30 deadline for securing shareholders' and regulatory approval for its proposed acquisition of EONCap's assets and liabilities for RM5.06 billion.
Hong Leong Bank, controlled by tycoon Tan Sri Quek Leng Chan, had tried to buy out EONCap last January with an offer of RM7.10 per share or a total consideration of RM4.92 billion.
EONCap's previous board considered the offer too low and rejected it, prompting Hong Leong Bank to return with a cash offer of RM5.06 billion or RM7.30 per share.
Hong Leong Bank, controlled by tycoon Tan Sri Quek Leng Chan, had tried to buy out EONCap last January with an offer of RM7.10 per share or a total consideration of RM4.92 billion.
To recap, Primus filed suit on June 21 last year, seeking RM1.12 billion in damages from EONCap directors should Hong Leong Bank succeed in acquiring EONCap.
Primus is the Malaysian arm of Hong Kong-based Primus Pacific Partners Ltd which holds a 20.2% stake in EONCap.
Primus was said to be opposed to the sale of EONCap to Hong Leong Bank because the offer price of RM7.30 per share was too low. It had paid RM9.55 per share for its substantial stake in EONCap in 2007.
The decision was made by Judge Varghese George Varughese on Thursday, April 28.
Primus' counsel Ranjit Singh says he would appeal as soon as possible against court decision.
The decision came just two days ahead of Hong Leong Bank's April 30 deadline for securing shareholders' and regulatory approval for its proposed acquisition of EONCap's assets and liabilities for RM5.06 billion.
Hong Leong Bank, controlled by tycoon Tan Sri Quek Leng Chan, had tried to buy out EONCap last January with an offer of RM7.10 per share or a total consideration of RM4.92 billion.
EONCap's previous board considered the offer too low and rejected it, prompting Hong Leong Bank to return with a cash offer of RM5.06 billion or RM7.30 per share.
Hong Leong Bank, controlled by tycoon Tan Sri Quek Leng Chan, had tried to buy out EONCap last January with an offer of RM7.10 per share or a total consideration of RM4.92 billion.
To recap, Primus filed suit on June 21 last year, seeking RM1.12 billion in damages from EONCap directors should Hong Leong Bank succeed in acquiring EONCap.
Primus is the Malaysian arm of Hong Kong-based Primus Pacific Partners Ltd which holds a 20.2% stake in EONCap.
Primus was said to be opposed to the sale of EONCap to Hong Leong Bank because the offer price of RM7.30 per share was too low. It had paid RM9.55 per share for its substantial stake in EONCap in 2007.
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