PETALING JAYA: 7-Eleven Malaysia Holdings Bhd’s take-over offer for Caring Pharmacy Group Bhd’s shares that it does not own for RM2.60 a share is deemed fair and reasonable.
Accordingly, shareholders are recommended to accept the offer, based on advice from independent adviser Mercury Securities Sdn Bhd.
“The offer is fair in view that the offer price of RM2.60 is higher than and represents a premium of between 10 sen (4.00%) and 29 sen (12.55%) over the range of estimated value per Caring share,“ Mercury said in its independent advice circular.
It added that the offer is reasonable as it provides an exit opportunity to the shareholders, especially for those holding a significant number of the Caring shares, to realise their investment in the offer shares for cash at the offer price.
7-Eleven’s mandatory general offer for the remaining shares it does not own in Caring was triggered after 7-Eleven’s and the parties acting in concert proposed to acquire a 25.35% stake in Caring November last year, which will increase their shareholding to 38.57%.
source https://www.thesundaily.my/business/7-eleven-s-mgo-for-caring-pharmacy-fair-reasonable-EA2130226
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