KUALA LUMPUR (Nov 3): QL Resources Bhd has announced to Bursa Malaysia that its takeover offer to acquire all shares in Lay Hong Bhd at RM3.50 per share has been extended to 5pm on Nov 26, from its initial closing date on Wednesday (Nov 5).

QL Resources did not state the reason for the extension, in its filing with the exchange. “Save for the extended closing date, all other terms and conditions of the offer set out in the offer document [dated October 15], remains unchanged,” the company said.

As at today (Nov 3), QL Resources has accumulated Lay Hong shares on the open market since it has launched the takeover offer on Sept 24. Its shareholding in the poultry firm has increased to 37.31%, from 26.81%.

The takeover offer is conditional upon QL having received acceptances, which would result in holding in aggregate of more than 50% of the voting shares in Lay Hong.

Independent adviser Mercury Securities Sdn Bhd commented that the takeover offer is ‘fair’ and ‘reasonable’.

However, in its circular, Mercury Securities pointed out that the directors of Lay Hong — guided by their own personal investment objectives — have indicated their intention to reject the offer, in respect of their direct and indirect shareholdings in Lay Hong of an aggregate of 44.76% at that point in time.

Lay Hong closed unchanged at RM3.45 today, giving it a market capitalization of RM174.15 million.