Just a few days after I wrote about the possibility of a takeover offer for Unisteel, the management of the company called for a suspension of the trading of their shares. By then, the price already spiked up to close at $1.76.
Yesterday, the company announced that they were already in advanced talks with one of the bidders.
The trading of Unisteel shares remains halted pending further announcements.
So far, the developments had been proceeding pretty fast – being less than two months since the company first announced about the review of strategic options. Depending on how the talks work out, an official offer seems likely to be on the cards. The only question is what price the bidder will pay.
Interestingly, The Capital Group had been selling their stakes in Unisteel Technology in the few days leading up to the share suspension.