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Categories
| GBH board seeks alternative offer to Tan’s |
| Business & Market 2009 | |||
| Written by Yong Yen Nie | |||
| Wednesday, 01 July 2009 10:55 | |||
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GBH said yesterday its board intended to seek an alternative takeover offer and had appointed AmInvestment Bank Bhd to act as independent adviser to the takeover offer made by Tan. However, no further details were furnished on the alternative offer. Last week, Tan launched a takeover of the company by offering to acquire the remaining 69.55% or 43.067 million shares at RM1.25 per share. Meanwhile, in a separate announcement, Tan said he had acquired 1.03 million shares or about 1.6% stake at RM1.25 per share yesterday. This means Tan now owns about 32% stake in the company. Tan’s business interests range from manufacturing, marketing, shipping, property development to trading. He is also chairman of Keladi Maju Bhd, Malaysia Aica Bhd, FCW Holdings Bhd, Marco Holding Bhd, Jasa Kita Bhd, GPA Holdings Bhd and PDZ Holdings Bhd. Two days ago, The Edge Financial Daily reported that Tan’s move to take over GBH could be linked to a possible unlocking of the value of the landbank which it owns in Kuala Lumpur and restructuring of the ceramic product manufacturer. It has also been reported that the Goh family, which owns 17% of the company, did not intend to exit the business. According to Business Times, GBH group managing director Tony Goh Tai He had said after the company’s recent AGM that “if you cut my veins, clay will ooze out. Our family has been in this business for 110 years and we have many loyal staff and customers.” It was also reported that minority shareholders at the AGM appeared to be giving their support to the founders, and were unhappy with Tan’s offer price which they felt was too low. The net asset value per share of the company is RM2.54. This is much higher than the RM1.25 per share which Tan is offering to the other shareholders of the loss-making company. This article appeared in The Edge Financial Daily, July 1, 2009.
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