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.


level13 said...

Hi dali,
From where did you get the current bidding price of RM2.20?

VERITAS said...

KMPG Advisory Services, the liquidators of Kian Joo Holdings Sdn Bhd (KJH), said it is not aware of bids by US company Ball Corp or Japan's Daiwa Can Co for shares of Kian Joo Can Factory Bhd (KJCF). In June, KPMG put up the 35 per cent block or 153.87 million KJCF shares held by KJH up for sale under a tender. There was also no reserve price set for the shares, KPMG said in a press release. KPMG was responding to an article by Business Times yesterday that said Ball Corp and Daiwa had bid for the stake in KJCF.