Jardine Cycle & Carriage (Jardine C&C) has submitted a notice of an unconditional voluntary take-over offer to the board of directors of Cycle & Carriage Bintang Berhad (C&C Bintang).
Jardine C&C currently holds 59.1% of the shares in C&C Bintang, which is listed on the Main Market of Bursa Malaysia.
Under the offer, Jardine C&C will seek to acquire the remaining shares it does not own in C&C Bintang at a consideration of RM2.40 (78.43 cents) per offer share.
Should the offer be fully accepted, the total consideration of the offer shares will stand at RM98.9 million.
Shares in C&C Bintang closed at RM1.68 on the Bursa on March 16.
The offer is not conditional upon any minimum level of valid acceptances.
It will be funded through internal resources and, or external borrowings.
C&C Bintang is in the business of retailing vehicles and provision of after-sales services. It is one of the leading Mercedes-Benz dealers in Malaysia with 12 outlets in the country.
Shares in Jardine C&C closed 18 cents lower or 0.8% down at $22.11 on March 17.
See: Jardine Matheson Holdings to acquire remaining stake in Jardine Strategic for US$5.5 bil; Jardine Strategic shareholders to receive US$33 per share
