Cocoaland gets RM463.3m takeover offer from First Pacific

PETALING JAYA: Cocoaland Holdings Bhd has received a take-over offer from Hong Kong-listed First Pacific Co Ltd to acquire its entire business for RM2.70 per share or RM463.32 million in cash.
Cocoaland said it has received an indicative non-binding proposal dated May 29 from First Pacific, just four days after it rejected an RM377.52 million takeover offer at RM2.20 per share from Navis Asia BII Management Company Ltd.
In a stock exchange filing yesterday, Cocoaland said the First Pacific proposed takeover of its business and undertaking, including all its assets and liabilities, will be undertaken by a special purpose vehicle (proposed acquiror).
It added that four of its board members were deemed interested in the latest takeover proposal.
"Liew Fook Meng, an executive director and substantial shareholder of Cocoaland, and certain shareholders of Leverage Success Sdn Bhd, a substantial shareholder of Cocoaland (Liew Group), will acquire an equity stake in the proposed acquiror to be agreed upon by First Pacific and Liew Group," it said.
Trading in Cocoaland's shares has been suspended since Monday and will resume today.
First Pacific is a Hong-Kong based investment management and holding company, having its principal business interests in telecommunications, consumer food products, infrastructure and natural resources.
The shares of First Pacific are listed on the Hong Kong Stock Exchange and are also available for trading in the USA through the American Depositary Receipts.
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