Malaysia – Minority shareholders of JcbNext advised to reject takeover offer

Filed under: News |

By memberservices@staffingindustry.com (Danny Romero)

Minority shareholders of Malaysian job board JcbNext, formerly known as Jobstreet Corporation, have been advised to reject a proposed takeover offer by founder and chief executive officer Mark Chang Mun Kee and chief technology officer Albert Wong Siew Hui.

Last month, JcbNext founder Mun Kee and joint benefactors launched a mandatory take-over offer after their shareholding in the company increased from 37.96% to 58.13%. JcbNext’s board of directors and independent adviser BDO Capital Consultants Sdn Bhd said the offer is “not fair” but “reasonable”, and recommend the shareholders to reject the offer of MYR 1.20 per share (USD 0.27) on the premise that the offer price represents a discount of 53.5% against the estimated re-valued net asset value of MYR 2.58 (USD 0.57).

Source:: Staffing Industry Analysts Daily Newsfeed

      

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