KUALA LUMPUR: The takeover offer for Yee Lee Corp Bhd
, which trades in edible oil, at RM2.06 a share is “not fair” but “reasonable”, according to the board and independent adviser to the minority shareholders.
In its independent advice circular issued on Friday, the board, including the non-interested directors, said the offer was not fair, as the offer price represents a discount of RM1.43 to RM1.54 or 40.97% to 42.78% to the estimated fair value of Yee Lee shares of between RM3.49 and RM3.60.
However, the board said the offer was reasonable as the joint offerors hold 176.04 million shares, or 91.88% of the issued shares in Yee Lee.
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