Toyochem Corp Bhd ... Mar 09

Toyochem Corp Bhd shareholders who oppose the takeover of the company by TIPP Malaysia Sdn Bhd and Toyo Ink Asia Ltd have until April 15 2009 to seek legal action to stave off compulsory acquisition of their shares.

TIPP and Toyo Ink said in a joint circular that the dissenting shareholders, who hold the outstanding 8.63% stake, could request for the names and addresses of all the other dissenting shareholders as a prelude to a possible legal action. The shareholders could jointly take the legal action if they did not want their shares to be compulsorily acquired, the companies said.

The offerors would not acquire the shares until 14 days after the names of other dissenting shareholders had been posted to them. However, unless these shareholders had applied to the High Court on or before April 15 2009, or the High Court ordered otherwise, the offerors would acquire the remaining shares in Toyochem.

In November 2008, TIPP and Toyo Ink, which held 51% or 20.8 million shares in Toyochem, had jointly made a conditional offer to acquire all the remaining 19.98 million shares at RM2.90 apiece. On Feb 17 2009, the offerors raised the offer price to RM3.20 but this was subject to them holding more than 90% of the offer shares on March 4 2009. The offerors announced the next day that they received 18.26 million shares and this raised their overall stake to 91.37% and the offer would remain open until March 4 2009.