EON Cap’s shareholders to decide on HL Bank’s bid. EON Cap (OP, FV=RM8.07) announced last Friday that its Board of Directors has decided to table HL Bank’s (MP, FV=RM9.05) revised cash offer of RM5.06bn to shareholders at a general meeting. This comes as no surprise as we had previously mentioned that EON Cap’s “new board” was likely to accept the offer. According to the Edge, among the factors that EON Cap’s Board had taken into account in reaching their decision include:
1) there is no other alternative offer on the table so far;
2) continued uncertainties could adversely impact operations; and
3) HL Bank’s offer provides an opportunity for its major shareholders that are willing to cash out.
Banking: EON Cap’s Shareholders To Decide On HL Bank’s Offer - 05/04/2010
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