PETALING JAYA: Dataprep Holdings Bhd has received an unconditional mandatory takeover offer from printing and publishing company Wardah Communication Sdn Bhd to acquire all the remaining shares the company does not own for a cash offer of 16 sen per share.
This comes after Wardah acquired 270.54 million shares or 64.2% equity interest in Dataprep from the latter’s major shareholder VXL Holdings Sdn Bhd at 16 sen per share.
The 16 sen offer price, however, represents a 59.97% discount to its five-day volume weighted average market price of 40 sen. At today’s market close, the stock fell 5.5 sen or 14.1% to 33.5 sen, with some 26.75 million shares changing hands.
Dataprep said the board is in the midst of “sourcing for an independent adviser to advise the directors and holders of the offer shares in relation to the offer.”
The joint ultimate offerors for the offer are Wardah directors and ultimate shareholders Tan Sri Muhammad Ikmal Opat Abdullah and his spouse Puan Sri Jamilah.
The offerors intend to maintain the listing status of Dataprep on the Main Market of Bursa Securities. The offer will remain open for acceptances until 5pm on the 21st day after the posting date.