DBE Gurney Resources shares fall after takeover offer falls through

PETALING JAYA: DBE Gurney Resources Bhd’s share price fell as much as 14.29% this morning after the takeover offer for the company fell through.
At 11.36am, the stock fell 14.29% or half sen to trade at a low of 3 sen with 831,000 shares traded. The stock closed half a sen or 16.7% higher at 3.5 sen on volume of 1.26 million shares yesterday.
Yesterday, the group told Bursa Malaysia that the takeover offer fell through as DOH Properties Holdings Sdn Bhd and persons acting in concert failed to achieve the valid acceptances level.
As at 5pm on the closing date, the offeror and persons acting in concert held only a 38.34% stake in the group after receiving 2.32% acceptances during the offer period. As such, the acceptance condition has not been fulfilled.
Last month, the poultry firm received a mandatory general offer (MGO) for 3.5 sen per share after the shareholding of DOH Properties and persons acting in concert hit the 33% MGO level.
Meanwhile, the offer price for DBE warrants was set at 1 sen per unit. The offerors intended to maintain the group's listing status.