KUALA LUMPUR (Dec 23): TYS Consolidated Sdn Bhd has upped its takeover offer for The Store Corp Bhd to RM3.70 per share from RM3.52, valuing the company at RM253.46 million.

The revised offer price represents a 3.9% premium to The Store's last price of RM3.56 prior to its suspension today.

In a filing with Bursa Malaysia today, The Store said it has today received a notice from Hong Leong Investment Bank Bhd (HLIB), on behalf of TYS Consolidated, informing it of the revised offer price.

"The revised offer shall remain open for acceptances until 5pm on Jan 9, 2017.  All other terms and conditions as stated in the offer document remain unchanged," it added.

The Store said shareholders who have accepted the earlier offer will be entitled to receive the revised offer price of RM3.70 per share under the revised offer.

As principal adviser to the offer, HLIB confirmed that TYS Consolidated’s resources are sufficient to satisfy full acceptance of the revised offer.

"In view of the revised offer price, the board of directors and Mercury Securities will assess and evaluate the revised offer," said The Store.

On Dec 19, The Store group managing director Tan Sri Tang Yeam Soon and his wife, executive director Puan Sri Khor Guik Lee, had — via their private vehicle TYS Consolidated — made a mandatory general offer to acquire the remaining shares they do not own in the supermarket and departmental store chain at RM3.52 per share.

This followed their acquisition of 9.5 million shares or a 13.88% stake in The Store for RM33.5 million or RM3.52 sen apiece on Nov 28. The duo had bought the block from Nirvana Asia Ltd founder Tan Sri Kong Hon Kong, who had held the shares for less than a month after being offered the stake by Berjaya Group founder Tan Sri Vincent Tan.

Deemed ultimate offerors, Tang and Khor, are joined by persons acting in concert – Equatorial Century Sdn Bhd and Tang Chee Weng, who is the son of the ultimate offerors and a director in The Store.

As at Nov 29, 2016, Tang and Khor hold a 42.05% stake in The Store.

Tang and Khor do not intend to maintain the listing status of TSCB, which made its listing debut in 1994, on the Main Market of Bursa Malaysia.

Trading in The Store shares was halted from 3.34 pm today and will resume next Tuesday. At the closing price of RM3.56, its market capitalisation stood at RM243.87 million.