HLB is also believed to have approached Bank Negara to talk to EON Cap as an institution, and not to individual or targeted shareholders, on its proposed takeover offer. However, it is believed that the approval is still pending.
Primus Partners Ltd, which holds 20.2% in EON Cap and is apparently the lone voice of protest, was believed to have sent out a strong message objecting to what it felt was “a restricted offer” from just one bank and at such an undervalued offer.
Primus had bought EON Cap, which closed at RM6.84 yesterday, at RM9.55 per share. HLB’s Tan Sri Quek Leng Chan is said to be offering just RM5.50 to RM6 per share, which values EON Cap at less than 1.3 times book value.
The Taiwan-based private equity firm is also said to be asking for a chance to take the idea to the open market where EON Cap may fetch a higher counter bid and minority shareholders may also get a better deal.
Earlier, StarBiz reported that Primus was believed to have approached Singapore’s Temasek Holdings Ltd for a joint bid, potentially through the Alliance banking group in which Temasek holds 29.27%.
Seriously i don't really understand the news, what HL doing?-->EON bank?what for?someone please explain to me. Good for our economy?or bad? Will HLB shares increase after the successful of buying over or merge?
http://biz.thestar.com.my/news/story.asp?file=/2010/1/1/business/5399586&sec=business
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