KUALA LUMPUR, March 11 Japan's Toyota Tsusho
Corp has made an offer to purchase 51 percent of
Malaysia's Kian Joo Can Factory Bhd, bidding more on a
per share basis than a rival Malaysian firm and sending Kian
Joo's stock soaring.
The trading arm of the Toyota Group is offering 3.74 ringgit
per share for the stake in the aluminium can maker, valuing the
deal at some 847.3 million ringgit ($258 million).
That represents a 13 percent premium to a 3.30 ringgit per
share offer from Aspire Insight Sdn Bhd, a local private
company. In contrast to Toyota Tsusho, Aspire wants to take over
Kian Joo in a deal worth 1.46 billion ringgit.
Kian Joo's shares jumped 7 percent to 3.44 ringgit in early
Toyota Tsusho has reserved the right to re-calculate the
offer since it has not yet conducted due diligence, according to
Kian Joo's local stock exchange filing.
Kian Joo's major shareholders include fellow canning company
($1 = 3.2835 Malaysian ringgit)
(Reporting by Yantoultra Ngui; Editing by Edwina Gibbs)