PETALING JAYA: The Securities Commission (SC) has rejected the request by stockbroker TA Enterprise Bhd
to withdraw its earlier offer to take over its property arm TA GLOBAL BHD.
TA Enterprise told the stock exchange yesterday that the SC had announced its decision via a letter dated June 1, after considering “the justifications provided on a holistic basis”.
In a statement, the SC said in arriving at its decision, it had considered, among others, the justifications provided by the applicant, the conduct of the applicant from the time of the announcement of the offer up to the date of the application to the SC and precedents from other jurisdictions.
The SC also said any announcement of a firm offer should be made only after careful and responsible consideration, as once the announcement on the offer is made, the market in the shares of the relevant company is likely to be supported by the offer price.
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