Tuesday, December 04, 2007
Next Hottie - Kian Joo
Well, the bidding has reached frenetic pace for Kian Joo's 35% controlling stake. The grapevine has it that Mega First was an early bidder but soon dropped out. Tin can manufacturer Can-One then came into the picture to buy the 153.87m block.
Apparently the price was being bidded higher than the purported RM250m. Bearing in mind that the new owner will probably have to collect more or even make a general offer as well, its going to be a lot more than RM250m (share price of around RM1.55).
Anthony See was known to have submitted a bid himself, however it looks like the race now has left only two bidders. One an American company and the other a Japanese company, and both are willing to work with one of the brothers. The key thing is pricing, apparently bidding is already past the RM2.20 mark. This may give Kian Joo shares a bit more upswing as the battle heads to a conclusion.