PETALING JAYA: Leather product manufacturer MESB Bhd has received a takeover offer from Wong Sak Kuan and Yau Ming Teck, Lotus KFM Bhd’s directors.

This follows the purchase of some 29.49 million shares in MESB by Wong and Yau, for RM8.85mil or 30 sen per share.

Wong and Yau’s stake has now increased from 16.35% to 44.14%, thereby triggering the threshold for a mandatory general offer or MGO.

The two individuals are offering 31.5 sen per share and 1.5 sen per warrant for all the shares and warrants that they do not own in the company.

Earlier yesterday, shares in the company were suspended, pending the announcement.