KUALA LUMPUR (June 3): Shares of Snacks and candy manufacturer Cocoaland Holdings Bhd jumped 22.55% in early trade today after it received another take-over offer, this time from Hong Kong-listed First Pacific Co Ltd, to acquire its entire business for RM2.70 per share or a total RM463.32 million, cash.

At 9.28am, Cocoland was up 46 sen to RM2.50 with 892,000 shares done. It was the third top gainer across the bourse.

AmResearch Sdn Bhd in a note today maintained its “Buy” rating on the stock with an unchanged fair value of RM2.35 and said it was recommending that investors accept the offer.

“Cocoaland has not traded at or above the offer price for the past 10 years, the highest being RM2.68 in July 2010.

“This is also higher than the first offer made by Navis Asia VII Management Company Ltd of RM2.20 per share on May 22,” it said.

In a filing with the exchange Tuesday, Cocoaland (fundamental: 2.8; valuation: 2.0) said it had received an indicative non-binding proposal dated May 29 from First Pacific.

The takeover will be undertaken by a special purpose vehicle, which Cocoaland’s executive director cum substantial shareholder Liew Fook Meng will acquire an equity stake in it.

First Pacific is led by Anthoni Salim as chairman. The tycoon is president and CEO of Indonesia’s biggest conglomerate Salim Group.