JDE Asia extends OldTown takeover deadline to March 20

-A +A

KUALA LUMPUR (March 9): Jacobs Douwe Egberts Holdings Asia NL BV (JDE Asia), which intends to take OldTown Bhd private, has extended the closing date of its takeover offer to March 20.

A statement issued by CIMB Investment Bank Bhd today on behalf of JDE Asia did not state the reason.

JDE Asia has offered to take over shares of OldTown at RM3.18 apiece, and had earlier set the closing date at March 13.

As at March 9, JDE Asia had acquired an 83.75% stake in OldTown, the statement said.

"In the event OldTown is unable to comply with the public spread requirement as a result of acceptances received pursuant to the offer, the offeror has no intention of taking any steps to address the shortfall in the public spread requirement," it added.

Shares of OldTown rose 1 sen to close at RM3.17 today, which is at a 0.31% or 1 sen discount to JDE Asia's takeover offer price.