KUALA LUMPUR (Jun 4): Yee Lee Corp Bhd shareholders will have an additional two weeks – until June 21 this year – to consider the takeover offer of RM2.33 per share.

In a filing with Bursa Malaysia, Yee Lee said the joint offerors – consisting of private equity fund Dymon Asia Private Equity (S.E. Asia) Fund II Ptd Ltd, Yee Lee’s founder Datuk Lim A Heng @ Lim Kok Cheong and his family – have extended the deadline for the acceptance of the offer to June 21 this year, from the original due date this Friday (June 7).

Yee Lee had also posted an update – as at June 3, the joint offerors had accumulated 134.03 million shares, equivalent to 69.95% of the group’s outstanding shares of 191.6 million shares.

On top of that, Yee Lee also disclosed that there are 12.69 million shares or 6.62% of outstanding shares that have accepted the offer but are still subject to verification as at June 3.

The joint offeror had on April 26 this year announced their intention to purchase the remaining 79.69 million shares or 41.59% they do not control in the group for a cash offer of RM2.33 per share, valuing the company at RM446.4 million.

This represents a premium of 39 sen or 20.1% from the counter's closing price of RM1.94 on April 25.

However, independent adviser Affin Hwang Investment Bank had deemed the offer as 'not fair' but 'reasonable'.

In a circular to the company’s shareholders, the investment bank said the deal was not fair as it represented a discount of 31.87% to 40.71% to the estimated fair value of Yee Lee shares of between RM3.42 and RM3.93.

Nonetheless, the bank said the offer was reasonable, given that Yee Lee shares have been thinly traded over the past 12 months up to March 2019, with an average monthly trading volume of 0.89% of total shares.

As at 10.18 am, its share price remained unchanged with 84,500 traded, giving it a market capitalisation of RM446.44 million.