KUALA LUMPUR (Dec 4): Shares of Computer Forms (Malaysia) Bhd (CFM) were up 15 sen or 13.16% at a two-year high of RM1.29, after substantial shareholder Tan Sri Robert Tan Hua Choon raised his takeover offer price to RM1.38 from RM1.28. 

CFM was the fifth largest gainer on Bursa Malaysia, on thin volume of 32,000 shares in early afternoon trade.

The revised offer will remain open for acceptance until 5pm on Dec 18, CFM said in a stock exchange filing yesterday.

It added that shareholders who had previously accepted the lower offer will be entitled to the revised offer price.

Also known as Casio King, Tan had first launched the conditional mandatory takeover offer on Oct 26, after he had acquired an additional 4.74% stake in the group, boosting his total holdings to 33.57%.

On Nov 26, independent advisor Public Investment Bank Bhd advised shareholders to reject the offer, as it was “not fair and not reasonable”.

Based on the revalued net asset valuation (RNAV), the estimated fair value of CFM shares is RM2.04 apiece. This means the offer price of RM1.25 represents a discount of 79 sen or 38.73% to its RNAV, PIVB said.

The offer was also unreasonable, considering Tan’s intention to maintain CFM’s listing status, the investment bank said.