KUALA LUMPUR (Oct 15): Doh Properties Holdings Sdn Bhd, the biggest shareholder of DBE Gurney Resources Bhd, will be returning all DBE shares and warrants acquired under its conditional mandatory takeover offer, as the offeror did not acquire more than 50% of the voting shares of the company.

As at 5pm today, the closing time for the offer, Doh Properties and parties acting in concert held about 38.34% of the voting shares of DBE, and thus did not fulfil the acceptance condition.

“Accordingly, the offeror shall return all DBE shares and warrants which have been transferred into the Central Depository Account of the offeror, pursuant to the acceptance of the offer by the respective holders,” DBE said in a filing with the stock exchange.

The takeover offer was triggered in September, when Doh Properties, through open market acquisitions, increased its shareholding in the integrated poultry group to 33.02% from 32.89%.

The offer for the shares was set at 3.5 sen apiece, representing a 7.36% premium to DBE Gurney’s five-day volume weighted average price of up to Aug 30 of 3.26 sen.

Meanwhile, it offered to acquire all warrants it did not own at one sen per warrant.

Doh Properties is wholly-owned by Setia Awan Holdings Sdn Bhd, which in turn is owned by the Doh family, namely Datuk Doh Jee Ming (30%), Datuk Doh Tee Leong (30%), Datuk Doh Jee Chai (30%), Datuk Doh Neng Chiong (5%) and Datin Lee Hong King (5%).

DBE’s share price closed up 0.5 sen or 16.67% at 3.5 sen today, giving it a market capitalisation of RM93.74 million.