KUALA LUMPUR (June 15): The mandatory takeover offer for Can-One Bhd shares closed today, with no takers from minority shareholders. With this, ultimate offeror Yeoh Jin Hoe and persons acting in concert (PACs) continue to hold a 60.57% stake in the can manufacturer.

Can-One's share price closed at RM3.36 today, which is 86 sen or 34.4% higher than the offer price of RM2.50.

Yeoh and the PACs collectively hold 116.36 million shares in Can-One as of today, the company's filing showed.

The takeover offer by Yeoh raised eyebrows, as it was made at a steep discount of 15.82% or 47 sen to the prevailing share price of RM2.97 on May 3, prior to the trading suspension of the shares.

In the process, Yeoh and the PACs managed to increase the shareholding from 39.43% to 60.57%, after managing to acquire a 20.94% stake from Genkho Candoz Sdn Bhd at RM2.50 per share or RM100.6 million – thus triggering the mandatory takeover offer at that same price tag.

With the shareholding unchanged, Can-One’s public shareholding spread is also above Bursa Malaysia’s minimum requirement of 25%.

Yeoh has stated that he intends to maintain the listing status of Can-One on Bursa. The company has a market capitalisation of RM645.63 million as of today.