KUALA LUMPUR: Though Tan Sri Robert Tan Hua Choon, also known as Casio King, has raised his offer for Computer Forms (Malaysia) Bhd (CFM) shares that he does not own, Public Investment Bank Bhd (PIVB) said the offer is still “not fair and not reasonable”. On Monday, Tan upped his offer to RM1.35 per share from RM1.25 per share earlier.
In a filing with Bursa Malaysia yesterday, CFM said PIVB, as the independent adviser, had opined that the revised offer price represents a discount of 69 sen or 33.82% to the fair value of the group based on the real net asset value valuation methodology of RM2.04 per share.
“Premised on the above, and the information contained in the independent advice circular, PIVB opined that the revised offer is still neither fair nor reasonable. Save for the above, PIVB’s comments, opinions and recommendation as contained in its independent advice letter remain unchanged, and accordingly, PIVB had advised and recommended that the holders reject the revised offer,” said CFM. CFM’s board of directors concurs with PIVB’s recommendation.
Yesterday, CFM’s share price jumped as much as 21 sen or 18% to an almost three-year high of RM1.35. At 5pm, the counter settled for a 13 sen or 11% gain at RM1.27, with a market capitalisation of RM52.07 million.