Datuk Tiah Thee Kian made a mandatory offer to acquire the additional 66.92% stake in TA Enterprise Berhad (KLSE:TA) for approximately MYR 760 million on July 2, 2018. Under the terms, Datuk Tiah Thee Kian offered MYR 0.66 per share in cash for the shares not already owned by him. Offer price will be adjusted if TA Enterprise Berhad declares any dividend before the closing of the transaction. Datuk Tiah Thee Kian along with persons acting in concert currently hold 565.9 million shares of TA Enterprise Berhad, representing 33.08% stake. If Datuk Tiah Thee Kian receives acceptances of not less than 9/10 in the value of the total offer shares, Datuk Tiah Thee Kian does not intend to compulsorily acquire the remaining shares for which acceptances have not been received. Post completion of the transaction, Datuk Tiah Thee Kian intends to maintain TA Enterprise Berhad's listing status on the main market of Bursa Securities. The tender offer period shall have the commencement date of July 2, 2018. Datuk Tiah Thee Kian confirmed that he has enough resources to fund the transaction. TA Securities confirmed that Datuk Tiah Thee Kian has sufficient resources to satisfy full acceptance of the offer in cash. Datuk Tiah Thee Kian does not have any plan to dismiss or make redundant any of the existing employees of TA Enterprise Berhad by way of a retrenchment exercise as a direct consequence of the offer. The offer is conditional upon minimum level of acceptance such that Datuk Tiah Thee Kian along with its persons acting in concert hold more than 50% of TA Enterprise Berhad's shares. As of August 30, 2018, the non-interested directors and BDO Capital Consultants Sdn Bhd, as a financial advisor to holders of the offer shares, both recommend the shareholders to reject the offer. The offer period is expected to close on September 12, 2018. Tah Heong Beng and Dominic Seah of TA Securities Holdings Berhad acted as tender offer preparers and Tricor Investor & Issuing House Services Sdn Bhd acted as a registrar for Datuk Tiah Thee Kian. As of July 11, 2018, BDO Capital Consultants Sdn Bhd was appointed as a financial advisor to advise the non-interested directors and the holders of the offer shares, and provide its comments, opinions, information and recommendation in relation to the offer to TA Enterprise Berhad. Jory Leong Kam Weng of Messrs Iza Ng, Yeoh & Kit acted as legal adviser for Datuk Tiah. Raine & Horne International Zaki + Partners Sdn Bhd, Greater China Appraisal Limited, MM&R Valuation Services, Inc, RHT Chestertons Valuation and Advisory Pte Ltd, Grover, Elliott & Co. Ltd, Bangkok Hospitality Consulting Service Limited and Preston Rowe Paterson Sydney Pty Limited acted as independent valuers for the transaction. Datuk Tiah Thee Kian cancelled the acquisition of additional 66.92% stake in TA Enterprise Berhad (KLSE:TA) on September 12, 2018. The offeror received valid acceptances of 5.31% shares and the condition of minimum acceptance level has not been meet. Therefore the offeror shall return all the offer shares to the respective holders.