Regent Wise Investments Limited made a mandatory tender offer to acquire additional 49.81% stake in MCT Berhad (KLSE:MCT) for approximately MYR 590 million on January 2, 2018. The consideration will be paid in cash. Under the terms of the transaction, Regent Wise Investments Limited will acquire 664.9 million shares in offer and pay 0.88 per share. In a related transaction, Regent Wise Investments Limited signed share purchase agreement to acquire additional 17.24% stake of MCT Berhad from Tan Sri Dato and Sri Goh Ming Choon on January 2, 2018. Post completion of both the deals, Regent Wise Investments Limited is expected to hold 100% stake in MCT Berhad. Post completion, MCT Berhad will maintain its listing on stock exchange. The tender offer becomes effective once the share purchase agreement becomes unconditional. Regent Wise Investments Limited intends to continue the existing business of MCT Berhad and has no plans to dismiss or make redundant the employees of MCT Berhad. The offer is not subject to minimum level of acceptance. As of February 5, 2018, the Board of Directors of MCT Berhad recommended the shareholders to reject the offer based on the opinion received from Kenanga Investment Bank Berhad, financial advisor to MCT Berhad that the offer is not fair and reasonable due to low offer per share. Regent Wise Investments Limited does not intend to invoke compulsory acquisition. The offer is valid for acceptance till February 19, 2018. The offer will be extended for a maximum of two days. CIMB Investment Bank Berhad acted as financial advisor for Regent Wise Investments Limited and confirmed that Regent Wise Investments Limited has sufficient resources for the acquisition consideration. Kenanga Investment Bank Berhad (KLSE:KENANGA) acted as financial advisor for Board of Directors of MCT Berhad. Knight Frank, PAIP Consultants KL, Rahim & Co and Raine & Horne acted as valuers in the transaction.