Reject takeover offer, JcbNext shareholders advised

PETALING JAYA: The takeover offer for JcbNext Bhd, formerly known as JobStreet Corp Bhd, is “not fair” but “reasonable”, according to independent adviser BDO Capital Consultant Sdn Bhd.
Shareholders are advised to reject the offer given that the “not fair” view outweighs the “reasonable” view, on the premise that the offer price represents a significant discount of 53.5% against the estimated revalued net asset value of RM2.58.
In an independent adviser circular yesterday, JcbNext said the offer price also represents a discount ranging from 29.4% to 31% to the last closing price as at Dec 20, 2016 and the five-day volume weighted average price up to the same date.
However, BDO said the offer is reasonable given that it provides an opportunity for the shareholders to realise their investments in the company in an efficient manner.
The company shares were relatively illiquid, with an average monthly trading volume-to-free float for the past one year up to October 2016 of 2.1%, or 1.1% if the months of May, September and October 2016, being the months with higher trading volume, are excluded.
Last month, JcbNext founder Mark Chang Mun Kee and joint offerors launched a mandatory take-over offer after their shareholding in the company increased from 37.96% to 58.13%.The joint offerors intend to maintain the listing status of JcbNext.
The counter rose 2 sen to close at RM1.68 yesterday on some 40,100 shares done.