KUALA LUMPUR: ''The much hyped YTY Industry Holdings Sdn Bhd's offer to merge its four wholly-owned glove-making subsidiaries with LATEXX PARTNERS BHD [] has been called off as the offer lapsed on July 22.
In a filing Friday, July 22, Alliance Investment Bank Bhd on behalf of Latexx said YTY had in writing expressed its intention not to continue with the proposed merger estimated at RM1.25 billion.
The investment bank said that after conducting an operational due diligence and further assessment on the YTY Group, Latexx had on July 21 engaged with the shareholders of YTY (Vendors) to present its findings and indicate its intention to make a further revised offer.
'After considering the company's feedback, the Vendors had on July 22, written to the company expressing their intention not to extend and continue with the proposed merger.
'Hence, the offer lapses today,' it said.
Latex fell 11 sen to RM2.18 with 16.44 million shares traded.
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In a filing Friday, July 22, Alliance Investment Bank Bhd on behalf of Latexx said YTY had in writing expressed its intention not to continue with the proposed merger estimated at RM1.25 billion.
The investment bank said that after conducting an operational due diligence and further assessment on the YTY Group, Latexx had on July 21 engaged with the shareholders of YTY (Vendors) to present its findings and indicate its intention to make a further revised offer.
'After considering the company's feedback, the Vendors had on July 22, written to the company expressing their intention not to extend and continue with the proposed merger.
'Hence, the offer lapses today,' it said.
Latex fell 11 sen to RM2.18 with 16.44 million shares traded.
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