MGO for Euro Holdings closes with no acceptances

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KUALA LUMPUR (Oct 15): Euro Holdings Bhd said the conditional takeover offer it received from three parties, closed yesterday (Oct 14) with no acceptances.

In a filing with Bursa Malaysia this afternoon, Euro Holdings said as at Oct 14, the offerors, namely the group's Executive Director Datuk Seri Choong Yuen Kheong and major shareholders Datuk Tong Yun Mong and Tee Wee Sien, held a collective stake of 47.66% in Euro Holdings.

"From the posting date (Sept 23) up to the closing date... none of the offer shares has been received, as acceptances or acquired/agreed to be acquired by the joint offerors. Accordingly, the offer has failed to meet the acceptance condition," it said.

The offer price was 44 sen per share, which was deemed unfair and unreasonable by independent adviser DWA Advisory Sdn Bhd.

Euro Holdings closed 0.5 sen lower at 62.5 sen today, with a market capitalisation of RM51 million.