KUALA LUMPUR Japan's Toyota Tsusho Corp (8015.T) has made an offer to purchase 51 percent of Malaysia's Kian Joo Can Factory Bhd (KJCS.KL), 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 aluminum 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 trade.
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 Can-One Bhd (CNON.KL).
($1 = 3.2835 Malaysian ringgit)
(Reporting by Yantoultra Ngui; Editing by Edwina Gibbs)