KUALA LUMPUR: It has been seven years since Can-One Bhd surfaced as the major shareholder of Kian Joo Can Factory Bhd, but the bad blood between the two packaging giants has remained.

Last month, Can-One launched a surprise mandatory general offer for Kian Joo at an offer price of RM3.10 apiece after it bought a 0.49% stake from a minority shareholder at a 51% premium over the market price.

There has been speculation that Yeoh Jin Hoe, the major shareholder of Can-One, ultimately wants to have an integrated packaging firm that houses Can-One, Kian Joo and Box-Pak (M) Bhd. Now, one can't help but wonder why the seasoned businessman would pay such a large premium. 

On the other hand, Can-One's high gearing could pose a challenge for its board in convincing minority shareholders to approve the buyout of Kian Joo. 

Meanwhile, Kian Joo's share price has soared since news of the proposed conditional general offer by Can-One. However, the stock is still trading below the offer price of RM3.10. 

To find out more about what Yeoh's plans could possibly be, pick up the latest issue of The Edge.