KUALA LUMPUR (Feb 20): Jacobs Douwe Egberts Holdings Asia NL BV (JDE Asia) today issued the offer document for its conditional voluntary takeover offer of OldTown Bhd at RM3.18 per share, which will be open until March 13.

According to the document, JDE Asia said it has obtained irrevocable undertakings from shareholders Old Town International Sdn Bhd, Lee Siew Heng and Mawer Investment Management Ltd, who collectively hold 238.32 million shares, representing a 51.45% stake.

JDE Asia intends to delist and privatise OldTown upon the acquisition, as this would provide both parties greater control and management flexibility in the implementation of any strategic initiatives or operational changes.

In the event the offeror receives acceptances for 90% or more of OldTown’s shares, trading in the counter will be suspended after five market days from March 13, and the requisite steps will be taken to delist OldTown.

JDE Asia said it plans to continue the existing business of OldTown, but said it may review the businesses and operations. It said it may transfer portions of the coffee-related business of OldTown to other jurisdictions, as JDE Asia has an affiliated entity involved in coffee-related business in China, Hong Kong, Taiwan and Macau.

JDE Asia added that it does not have any plans to introduce any major changes to the business of OldTown or to liquidate any of the companies within the group, dispose of any major assrts or undertake any major redeployment of fixed assets of the group.

OldTown’s share price closed unchanged at RM3.15 today, bringing a market capitalisation of RM1.46 billion.