KUALA LUMPUR (Sept 15): Malaysia Packaging Industry Bhd (Maypak) received a takeover offer at 65 sen a share from Japan-based Taisei Lamick Co Ltd after Taisei Lamick's planned acquisition of a controlling 54.95% stake in Maypak became unconditional.

In July this year, Taisei Lamick signed a sale and purchase agreement (SPA) for purchase of the Maypak stake comprising 23.1 million shares.

Today, Maypak said the SPA became unconditional; hence, Taisei Lamick was obliged to extend a mandatory takeover offer to acquire all the remaining shares in Maypak it did not own.

Maypak said: "In accordance with the rules on takeovers, mergers and compulsory acquisition, the board (save for Mr Mitsuru Hiramuki and Mr Akihiko Takano, who are deemed interested in the offer) has resolved to appoint Mercury Securities Sdn Bhd as the independent adviser to advise the non-interested directors and holders of the offer shares in relation to the offer."

According to Maypak, Taisei Lamick does not intend to maintain Maypak's listing on Bursa Malaysia.

Maypak's share trade has been suspended between 9am and 5pm today in conjunction with the announcement. Prior to the suspension, Maypak shares were traded at 57.5 sen yesterday (Sept 14) for a market value of RM24.2 million.