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Financials

Malaysia's Cocoaland rejects $104.5 mln takeover offer from Navis Asia Fund

KUALA LUMPUR, May 25 (Reuters) - Cocoaland Holdings Bhd , a Malaysian snacks and candies company, said on Monday it has decided to reject a takeover offer from a unit of Navis Asia Fund.

The company said in a stock exchange filing that its directors had deliberated on the proposed acquisition by Navis Asia VII Management Company Ltd, who made the offer on behalf of Navis Asia Fund VII, and “unanimously rejected the offer”.

The offer price for the proposed acquisition was 377.52 million ringgit ($104.47 million) or 2.20 ringgit per share, according to the filing.

Shares of Cocoaland closed at 2.06 ringgit per share on Friday, before they were suspended pending material corporate announcements. They will resume trading on Tuesday.

For the full filing, click on: bit.ly/1GyqGyc ($1 = 3.6135 ringgit) (Reporting by Yantoultra Ngui; Editing by Alison Williams)

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