JT International revises up offer price

PETALING JAYA: JT International Bhd's parent JT International Holding BV (JTIH) has revised up the takeover offer price to RM8.20 from RM7.80 previously, after only getting 11.37% acceptances for its previous offer.

The new offer, which represents an upward adjustment of 40 sen or 5.13% of the initial offer, values JT International, which sells tobacco brands such as Winston, Camel, Mild Seven (now Melvius), Benson & Hedges in Malaysia, at RM2.14 billion. Shareholders have until June 5 to accept the revised offer.

In a filing with Bursa Malaysia, it said the revised offer price represents a premium of 30.2% or RM1.90 against the five-day volume weighted average market price up to March 27 of RM1.90.

The stock closed up 35 sen to RM8.14 yesterday, with some 677,500 shares changing hands.

As at May 26, JTIH holds a 71.86% stake in JT International, with 11.37% acceptances received from shareholders on top of the 60.37% it holds prior to the takeover offer.

Public Investment Bank Bhd, the independent adviser for the deal, had advised minority shareholders to accept the earlier offer.