SPA Furniture buys 51% of Euro Holdings, triggers mandatory takeover offer

PETALING JAYA: SPA Furniture has acquired a 51% stake in Euro Holdings Bhd for RM27.26 million or 20 sen a share, which triggered the mandatory takeover offer to acquire the rest of the shares it does not own in Euro.

The ultimate joint offerors are Datuk Seri Lim Teck Boon and Datuk Lim Chaw Teng, who are directors and major shareholders of SPA Furniture with 99% and 1% holdings respectively.

The 20 sen offer price represents a 13% discount to yesterday’s closing price of 23 sen. It is also 4.31% lower than its five-day volume weighted average price of 20.9 sen.

In a Bursa filing, Euro Holdings said the 20 sen offer price will be satisfied wholly in cash.

“The offer price is the highest price paid by the offeror and the joint ultimate offerors within the six months prior to the commencement of the offer period,” it said.

The offer is not conditional upon any minimal level of acceptances.

SPA Furniture intends to maintain the listing status of Euro Holdings on the Main Market.