Take over offer for GSB Group falls through

PETALING JAYA: Jawavana Sdn Bhd's bid to take over GSB Group Bhd fell through as it did not accept valid acceptances of more than 50% of the voting shares.

Surprisingly, none of the minority shareholders accepted the offer.

GSB told Bursa Malaysia that the offeror only had about 40.17% or some 215 million voting shares as at 5pm of June 29, hence the acceptance condition has not been fulfilled.

"Accordingly, the offeror shall return all the GSB shares which have been transferred into the central depository account of the offeror pursuant to the offer to the respective holders who have accepted the offer," it said.

Javawana had in May launched a mandatory general offer for GSB for 13 sen per share after its shareholding increased to 40.71% following the acquisition of 24.05% equity interest.

GSB shares gained 2.33% to 22 sen with 8.69 million shares done.