Majority of Titan Chemicals' shareholders accept buyout offer from Honam Petrochemical

13-Dec-10
At least 90% of Malaysian chemical makers Titan Chemicals' shareholders have accepted a buyout offer from South Korea's Honam Petrochemical. RHB Investment - the principal adviser of the deal said Honam will invoke the compulsory acquisition clause to acquire all remaining shares as the level of acceptance had reached the 90% threshold. Honam's 2.35 ringgit per share offer for the company values Titan at 4.12 billion ringgit (U$1.31 bln), and is at a slight premium to the company's present share price of 2.33 ringgit.
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