Jardine Cycle & Carriage (Jardine C&C) has submitted a notice of an unconditional voluntary take-over offer to the board of directors of Cycle & Carriage Bintang Berhad (C&C Bintang).

Jardine C&C currently holds 59.1% of the shares in C&C Bintang, which is listed on the Main Market of Bursa Malaysia.

Under the offer, Jardine C&C will seek to acquire the remaining shares it does not own in C&C Bintang at a consideration of RM2.40 (78.43 cents) per offer share.

Should the offer be fully accepted, the total consideration of the offer shares will stand at RM98.9 million.

Shares in C&C Bintang closed at RM1.68 on the Bursa on March 16.

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The offer is not conditional upon any minimum level of valid acceptances.

It will be funded through internal resources and, or external borrowings.

C&C Bintang is in the business of retailing vehicles and provision of after-sales services. It is one of the leading Mercedes-Benz dealers in Malaysia with 12 outlets in the country.

Shares in Jardine C&C closed 18 cents lower or 0.8% down at $22.11 on March 17.

See: Jardine Matheson Holdings to acquire remaining stake in Jardine Strategic for US$5.5 bil; Jardine Strategic shareholders to receive US$33 per share