EON said Hong Leong's $1.4 billion offer undermined former's latest projected growth.
EON Capital, in a statement, said on 2 February 2010 the offer is not in the interests of the bank and its shareholders "based on, among other things, the purchase consideration," according to a report in Bloomberg.
Hong Leong's offer made on 21 January 2010 equates to 7.10 ringgit a share, a 0.6 percent premium to EON's most recently traded share price.
EON Chairman Syed Anwar Jamalullail said in a separate statement that Hong Leong's undervalued acquisition bid does not account for EON's significant recent projected growth.
Hong Leong's president of bank parent Hong Leong Financial Group Bhd, Raymond Choong, for his part, said Hong Leong is disappointed as it has made a fair and attractive offer. "We were hoping that the EON Capital board would table our offer to shareholders," he added.
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