KUALA LUMPUR (July 2): The unconditional voluntary takeover offer for Petaling Tin Bhd shares by largest shareholder Tan Sri Dr Chen Lip Keong is not fair but reasonable to the minority shareholders, says Inter-Pacific Securities Sdn Bhd (InterPac).
"Accordingly, we recommend that the holders accept the offer," InterPac said in a circular filed with Bursa Malaysia today.
Gaming tycoon Chen is offering to buy the 34.58 million shares (9.98% stake) in Petaling Tin that he does not own at 40 sen per share or a total of RM13.83 million.