Malaysia Dealbook: Super Enterprise gets Nasdaq offer, Plenitude to acquire Nomad, Chin Well MD still controlling co

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Super Enterprise has always been a family-run label and sticker printing business.

Malaysia corporations, while assuming a slower pace during the month of Ramadan, still saw acquisitions coming through. Super Enterprise is sought out by an American company while Plenitude completed its acquisition move on Nomad. Chin Well, in which co-founder Sunny Tsai has reduced shareholding.

Super Enterprise receives takeover offer from Nasdaq’s Multi-Color

Super Enterprise Holdings Bhd has received a conditional takeover offer from Nasdaq-listed Multi-Color Corp (MCC) to acquire all the shares in the former at an offer price of MYR3.80 per Super Enterprise share, or for a total consideration of MYR158.4 million.

In a filing with Bursa Malaysia last week, the label and sticker printing company said the offer was made through MCC’s indirect wholly-owned subsidiary, MCC LABL2 Netherlands BV.

“The board of directors had deliberated and decided that it would not seek an alternate offer for the Super Enterprise shares,” the statement said.

The offer price represents a 47.29 percent premium to the closing price of Super Enterprise shares on March 26, 2015.

MCC does not intend to maintain Super Enterprise’s listing status on Bursa’s main board if the offer is successful. Super Enterprise manufactures labels as well as labelling machines.

In March this year, Super Enterprise had received a non-binding indication of interest from MCC to “explore a potential transaction” involving its shares.

MCC is listed on the Nasdaq Global Select Market Exchange, and is based in Cincinnati, Ohio, the United States. The firm provides labelling solutions to global leading manufacturers of home and personal care, wine and spirit, food and beverage and specialty consumer products.

As at March 31, 2015, it had a market capitalisation of $1.15 billion.

Super Enterprise is proposing to appoint AmInvestment Bank Bhd as the independent adviser for the offer.

Related story: MY Dealbook: Star Publications, KPJ Healthcare, Super Enterprise

Plenitude exercises right to acquire Nomad

Property developer Plenitude Bhd will be exercising its right to compulsorily acquire the remaining shares in The Nomad Group Bhd (Nomad) after it gained a more than 90 per cent stake in the latter.

In a filing with Bursa Malaysia, Plenitude said it has posted the notice of compulsory acquisition to the dissenting shareholders of Nomad to offer them the same offer price of MYR1.25 per Nomad share.

Subject to the provisions of the regulatory bourse, Plenitude said it shall be registered as the holder of all remaining Nomad shares not already owned by the group after the expiration of one month from the date of the notice of the compulsory acquisition, or after 14 days from the date of the statement of the names and addresses of all other dissenting shareholders, is posted to the dissenting shareholder upon his or her request — whichever is later.

Plenitude had previously offered to buy the remaining Nomad shares it did not own by issuing new Plenitude shares of MYR2.50 each for every two Nomad shares.

On June 10, Plenitude announced that it has received valid acceptances of more than 90 per cent of Nomad’s shares, which led to its compulsory takeover offer yesterday.

Related story: Malaysia Dealbook: Qualitas, Brahim’s, Integrax, Plenitude

Chin Well co-founder ceases to be substantial shareholder but remains in control

Sunny Tsai Yung Yu, co-founder and managing director of Chin Well Holdings Bhd, has ceased to be a substantial shareholder of the company effective but clarified that he remained the controlling shareholder.

In a filing with Bursa Malaysia on Monday, carbon steel fasteners manufacturer Chin Well said Tsai ceased to be a substantial shareholder. The co-founder and managing director disposed of 158.31 million shares in the company.

Yesterday, the company made another announcement clarifying that Tsai remains the group’s controlling shareholder with a 52.9 percent deemed equity stake.

According to the company’s 2014 annual report, Tsai, a Taiwanese, held 158.31 million shares or 58.09 percent as at Oct 31, 2014, through Benua Handal Sdn Bhd.

“On June 22, 2015, Tsai successfully transferred his 32.6 percent holding in Benua Handal to Yung Chuan’s immediate family members, thus resulting in Yung Yu ceasing to be a substantial shareholder of Chin Well,” the company said.

Tsai latest purchase was on Sept 19 last year, when he acquired 21.53 million shares in an off-market transaction.

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