Mandatory general offer for DBE Gurney Resources falls through

PETALING JAYA: The takeover offer for DBE Gurney Resources Bhd fell through as DOH Properties Holdings Sdn Bhd and persons acting in concert failed to achieve the valid acceptances level.

As at 5pm on the closing date, the offeror and persons acting in concert held only a 38.34% stake in the group after receiving 2.32% acceptances during the offer period.

“As such, the acceptance condition has not been fulfilled. Accordingly, the offeror shall return all the DBE shares and DBE warrants which have been transferred into the Central Depository Account of the offeror pursuant to the acceptance of the offer by the respective holders,” DBE Gurney Resources said in a filing with the stock exchange.

Last month, the poultry firm received a mandatory general offer (MGO) for 3.5 sen per share after the shareholding of DOH Properties and persons acting in concert hit the 33% MGO level. Meanwhile, the offer price for DBE warrants was set at 1 sen per unit. The offerors intended to maintain the group's listing status.

On Bursa Malaysia today, DBE Gurney Resources shares closed half a sen or 16.7% higher at 3.5 sen on volume of 1.26 million shares.

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