Tuesday, March 21, 2006
Modular Techcorp Cancels Deal With Blue-I Network
Back in 4 November 2005, I blogged on these two companies, was furious at the blatant disregard for business transaction fairness. I hoped I played a small part in getting them to nix the deal. On 28 February, management of Modular announced that the company would abort the deal with Blue-I. Compelled by minority opposition to the RM21.5 million purchase, the Malaysia's Securities Commission initiated a review of the proposal in November.
Part of what made me so furious is the shallowness in business thinking in coming up with the deal. If I am going to rape the company, I could have designed a much better scheme. These twerps don't deserve to get rich, not enough brain power la.
Yes, after all my complaints that powers higher up were not asking questions, the SC has stepped in well even though this kind of deal does not require SC's approval. You can view my earlier rant on Modular/Blue-I in my blog on 4 November 2005, enjoy!