KUALA LUMPUR: DXN HOLDINGS BHD []'s shares were actively traded and jumped 18.3% at mid-morning on Tuesday, Sept 6 after its major shareholders issued a notice of conditional takeover to acquire all the remaining shares in DXN they do not own at RM1.75 per share, a 23.2% premium to the stock's closing price of RM1.42 sen on Sept 5.
At 10.20am, DXN jumped 29 sen to RM1.68 with 9.52 million shares traded.
DXN said on Sept 5 that it had received conditional takeover offer from Deras Capital Sdn Bhd, DXN Group Sdn Bhd (DGSB), Temasek Sejati Sdn Bhd (TSSB), Lim Boon Yee (LBY) and Lim Yew Lin (LYL), collectively known as the joint offerors.
According to the Kedah-based DXN, which is a multilevel marketing (MLM) company that distributes lingzhi-based and other herbal health products, the offer was subject to a 90% acceptance condition and the joint offerors did not intend to maintain the listing status of the company in the event of the 90% acceptance condition is achieved.
Others acting in concert with the joint offerors include Datuk Dr Lim Siow Ji, his spouse Datin Leong Bee Ling and Kee Yew Oi, spouse of LBY. Lim is the executive chairman/CEO, director and substantial shareholder of DXN. He is also a director and a substantial shareholder of Deras, DGSB and TSSB.
Leong is a non-independent non-executive director and substantial shareholder of DXN who is also a director and substantial shareholder of Deras and DGSB, while Kee is a director in TSSB.
Deras and DGSB are investment holding companies while TSSB is a investment holding company involved in general trading whose shareholders are Lim and LBY.
At 10.20am, DXN jumped 29 sen to RM1.68 with 9.52 million shares traded.
DXN said on Sept 5 that it had received conditional takeover offer from Deras Capital Sdn Bhd, DXN Group Sdn Bhd (DGSB), Temasek Sejati Sdn Bhd (TSSB), Lim Boon Yee (LBY) and Lim Yew Lin (LYL), collectively known as the joint offerors.
According to the Kedah-based DXN, which is a multilevel marketing (MLM) company that distributes lingzhi-based and other herbal health products, the offer was subject to a 90% acceptance condition and the joint offerors did not intend to maintain the listing status of the company in the event of the 90% acceptance condition is achieved.
Others acting in concert with the joint offerors include Datuk Dr Lim Siow Ji, his spouse Datin Leong Bee Ling and Kee Yew Oi, spouse of LBY. Lim is the executive chairman/CEO, director and substantial shareholder of DXN. He is also a director and a substantial shareholder of Deras, DGSB and TSSB.
Leong is a non-independent non-executive director and substantial shareholder of DXN who is also a director and substantial shareholder of Deras and DGSB, while Kee is a director in TSSB.
Deras and DGSB are investment holding companies while TSSB is a investment holding company involved in general trading whose shareholders are Lim and LBY.
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