BJRTAIL Gets 65sen/share Takeover Offer

After suspended for 5 days, Berjaya Retail Bhd (B-Retail) has today received a notice of unconditional take-over offer from Maybank Investment Bank Berhad, on behalf of Premier Merchandise S/B to acquire all the remaining ordinary shares of RM0.50 each in B-Retail and all the remaining B-Retail ICPS.

Premier Merchandise S/B holds approximately 58.71% of B-Retail currently. After being floated in the market for slightly more than 6 months, Vincent Tan is trying to take the B-Retail private by paying an extra 22sen ( a premium of 51.16% over the last closing price of 43sen).

The board has deliberated on the Notice and does not intend to seek an alternative person to make a take-over offer for the Offer Shares and/or Offer ICPS.

P/S: Nobody knows what Vincent Tan is up to, at least for now. Taking a company IPO requires a lot of money, and after floating it for around 6 months, now he is taking it private at a more expensive price (30% higher than the 50sen IPO price)...