South Korea’s Honam Petrochemical Corp will look to take Titan Chemicals Corp Bhd private, now that it has offered to buy up all remaining shares it does not own at RM2.35 per share.
Titan Chemicals received a notice of unconditional take-over offer from Honam to acquire all remaining shares (excluding treasury shares) following Honam’s sale and purchase agreement in July 2010 to buy a 72.32% stake, or 1.25bil shares, in Titan Chemicals for a total of RM2.94bil or RM2.35 per share.
Honam had entered into the July 2010 agreement with Union Harvard Investments S.R.L, CGDC Investments Corp, Permodalan Nasional Bhd and AmanahRaya Trustees Bhd.
Under the Malaysian Code on Take-overs and Mergers, Honam had to extend an unconditional take-over offer for the remaining shares it did not already own.
Honam does not intend to maintain the listing status of Titan and does not intend to take any steps to address any shortfall in a public spread. Titan’s shares will be suspended from trading and removed from Bursa Securities official list once Honam has a 90% stake or more in Titan.
Titan is Malaysia’s largest integrated olefin-polyolefin producer and one of the largest polyolefin producers in the region. It operates a total of 10 integrated process facilities in Pasir Gudang and Tanjung Langsat in Johor, and also has plants in Indonesia.
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