7-Eleven’s RM2.60 apiece takeover offer for Caring shares opens today

7-Eleven’s RM2.60 apiece takeover offer for Caring shares opens today
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KUALA LUMPUR (March 6): 7-Eleven Malaysia Holdings Bhd’s offer to acquire shares of Caring Pharmacy Group Bhd that it does not own commences today, and will be closed on March 27.

Both 7-Eleven and Caring filed the offer document to the bourse today, for the unconditional mandatory takeover offer by Convenience Shopping (Sabah) Sdn Bhd (CSSSB), a wholly-owned subsidiary of 7-Eleven, at the cash offer price of RM2.60 per share.

Last November, CSSSB and the parties acting in concert (PACs) — namely 7-Eleven, Tan Sri Vincent Tan, Jitumaju Sdn Bhd and U Telemedia Sdn Bhd —announced that they were acquiring 55.2 million shares in Caring for RM143.51 million.

That translated into a 25.35% stake in Caring, and upon the acquisition of the stake, 7-Eleven’s and the PACs’ shareholding rose to 38.57%, triggering the threshold for a mandatory general offer (MGO) for the remaining shares.

A month later, 7-Eleven announced that it did not intend to maintain the listing status of Caring if it received enough valid acceptances for the MGO.

At the time of writing, the PACs hold 63.78% in Caring, according to Bloomberg data.

Caring was unchanged at RM2.58, giving it a market capitalisation of RM561.68 million.

7-Eleven was unchanged at RM1.40, giving it a market capitalisation of RM1.73 billion.