PETALING JAYA: The takeover offer to acquire all remaining Johan Holdings Bhd
shares at 26 sen per offer share is deemed to be not fair and not reasonable, said independent advisor Mercury Securities Sdn Bhd.
In a circular posted on Bursa Malaysia yesterday, Mercury Securities said the offer was viewed as not fair as the offer price was lower than and represented a discount of 9 sen or 25.7% to the estimated revalued net asset valuation (RNAV), as well as represented a discount of between 6.51% and 16.75% over the one, three, six, and 12-month volume weighted average price (VWAP).
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