DBE Gurney gets MGO for 3.5 sen per share

PETALING JAYA: Poultry firm DBE Gurney Resources Bhd has received a mandatory general offer (MGO) from its new substantial shareholder DOH Properties Holdings Sdn Bhd for 3.5 sen per share after the shareholding of DOH Properties and persons acting in concert hit the 33% MGO level.
Today, DOH Properties acquired a 0.13% stake in DBE from the open market, increasing its stake from 32.89% to 33.02%.
The 3.5 sen offer price represents a 7.36% premium to its five-day volume weighted average price of 3.26 sen.
Its share price closed unchanged at 3 sen today with 5.93 million shares changing hands.
Meanwhile, the offer price for DBE warrants is set a 1 sen per unit.
The offer will remain open for acceptances for a period of not less than 21 days from the posting date. The offerors intends to maintain the listing status of DBE.
The DBE board will appoint an independent adviser to advise on the reasonableness of the offer.