by PRIYA VASU / pic by TMR FILE

CAN-ONE Bhd received a notice of unconditional mandatory takeover offer from major shareholder, Eller Axis Sdn Bhd, to acquire the remaining shares in Can-One for RM2.50 a share.

Ultimate offeror Yeoh Jin Hoe and persons acting in concert now hold 60.57% of the can maker.

In a filing to Bursa Malaysian yesterday, Can-One stated Eller Axis has entered into unconditional share sale agreement with Genkho Candoz Sdn Bhd to acquire 40.2 million ordinary shares in Can-One (representing 20.94% equity interest) for RM100.6 million cash or at RM2.50 per share.

Yeoh, who is the major shareholder of Eller Axis, holds 7.5 million of Can-One shares.

The offeror will have to spend RM190 million to buy the remaining Can-One shares. The offer price of RM2.50 is at a discount to Can-One last traded price of RM2.95.