Malaysia's Kian Joo accepts $442 million buyout offer

KUALA LUMPUR Mon Mar 24, 2014 9:10pm EDT

Related Topics

KUALA LUMPUR (Reuters) - Malaysian canning company, Kian Joo Can Factory Bhd (KJCS.KL), has accepted a 1.46 billion ringgit ($442.42 million) takeover offer from private company Aspire Insight Sdn Bhd, according to a stock exchange filing late Monday.

The acceptance comes despite Kian Joo getting a higher offer, on a per share basis, from Japan's Toyota Tsusho Corp (8015.T) to buy 51 percent of the company earlier this month.

Tsusho's offer is 13 percent higher than the 3.30 ringgit per share offer from Aspire made in November last year.

Kian Joo did not explain why it chose the Aspire offer but said the sale represented an opportunity for shareholders to realize their investments at a premium.

Upon completion of the deal, Kian Joo said it would distribute the 1.46 billion ringgit proceeds to entitled shareholders in cash via a proposed capital reduction and repayment exercise.

Kian Joo's major shareholders include fellow canning company Can-One Bhd (CNON.KL).

($1 = 3.3000 Malaysian ringgit)

(Reporting by Yantoultra Ngui; Editing by Stephen Coates)

FILED UNDER: