MALAYSIA: CI Holdings dismisses Asahi's Permanis offer
CI Holdings confirmed that it has “engaged in exploratory discussions with various parties”
CI Holdings has said that the offer price made by Asahi Group Holdings for its subsidiary Permanis is too low.
Reports earlier this week had suggested that Asahi had put forward an offer for soft drinks bottler Permanis for US$200m. However, in a Malaysia stock exchange filing on Tuesday (5 July), CI Holdings said that it believes in "the strong future potential" of Permanis' business and is of the opinion that the offer price "does not reflect Permanis' value".
Asahi is understood to be competing with another company to buy Permanis, which bottles PepsiCo drinks, from Kuala Lumpur-based CI Holdings.
In its statement, the Malaysian firm confirmed that it has "engaged in exploratory discussions with various parties".
But, it added: "The facts of all such exploratory discussions are in a state of flux but to date no definitive or conclusive terms have been agreed upon."
If a good opportunity comes along or when the company is approached by a third party with a proposal, we would evaluate and give serious consideration to such commercial proposal or opportunity," the firm said.
"Rest assured that should there be any concrete development in respect of any of such commercial proposal or opportunity, the company will make the appropriate announcement to Bursa Malaysia," it added.
Asahi this week purchased P&N Beverages in a JPY16.3bn (US$202m) deal. In a separate transaction, Asahi bought New Zealand-based Charlie's Group.
In the second part of just-drinks' review of 2011, Michelle Russell looks at how the soft drinks category has fared in the last 12 months....
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