PETALING JAYA: Watta Holding Bhd has received a conditional mandatory takeover offer from its group executive chairman and CEO Datuk Lee Foo San to acquire the shares not already own by him and persons acting in concert (PACs) for 50 sen per offer share.
The mandatory takeover offer was triggered after Foo San acquired a 13.19% stake in Watta yesterday for 50 sen a share, raising his stake in the company to 45.99%, from 32.8% previously.
The PACs are Lee Fook Sin and Teoh Chee Kheong.
The offer is conditional upon Lee and the PACs receiving valid acceptances that results in them collectively holdings more than 50% of voting shares before the close of the offer.
Lee intends to maintain Watta’s listing status on the Main Market, and does not intend to invoke the provisions to compulsorily acquire any outstanding offer shares for which valid acceptances have not been received prior to the closing date.
The offer will remain open for acceptances until 5pm for not less than 21 days from the posting date.
