Bright Meadow to acquire 59.88% stake in Mercury Industries for RM34.65mil

KUALA LUMPUR: Bright Meadow Sdn Bhd (BMSB) has acquired 38.50 million shares in Mercury Industries Bhd (MIB) for a total cash consideration of RM34.65 million from the vendors.

In a filing with Bursa Malaysia today, BMSB said upon the completion of the acquisition, it holds 38.50 million MIB shares, representing 59.88 equity interest in MIB.

"BMSB is obliged to extend an unconditional mandatory take-over offer to acquire all the remaining MIB shares.

"The consideration for the offer is 90 sen per share which shall be satisfied wholly in cash,” it said.

BMSB added that the offer will remain open for acceptances until 5 pm for not less than 21 days from the posting date.