Yi-Lai gets takeover offer for 78.5 sen apiece

PETALING JAYA: Ceramic tile manufacturer Yi-Lai Bhd has received a conditional mandatory takeover offer from Boundless Vigour Sdn Bhd, which is owned by two directors in the company, to acquire the remaining shares it does not own for 78.5 sen per share.

Boundless Vigour, together with its parent company Hampton Capital own a 33.01% stake in Yi-Lai, triggering the mandatory general offer threshold of 33%, after Boundless Vigour’s recent acquisitions of an additional 0.39% stake in Yi-Lai for between 75 sen and 78.5 sen per share.

Yi Lai’s directors Aaron Tan Jian Hong and Wendy Kang Hui Lin are the ultimate offerors for the offer.

Both Boundless Vigour and Hampton Capital are wholly owned subsidiaries of Capital Global Ventures Ltd.

Yi Lai told Bursa Malaysia the offer price represents a 1.42% premium against its five-day volume-weighted average market price of 77.4 sen.

The offer will remain open for acceptance for at least 21 days from the posting date.

Yi Lai’s listing status is dependent on the acceptance percentage, whereby the group will be delisted if the offerors manage to hold at least 75% stake after the offer.

Yi-Lai shares closed unchanged at 78.5 sen today before being suspended from 4.29pm today.