TA Enterprise Berhad (KLSE:TA) made an offer to acquire remaining 39.83% stake in TA Global Berhad (KLSE:TAGB) for approximately MYR 540 million on February 12, 2020. Under the terms of agreement, the shareholders of TA Securities Holdings have an opportunity to elect to receive either MYR 0.28 in cash or shares of TA Enterprise Berhad at an exchange ratio of 0.4211. As of February 28, 2020, adjustments were made to the issue prices of the consideration shares and the Subscription Shares (from MYR 0.665 to MYR 0.655) and the share exchange ratio (from 0.4211 Consideration Share for every 1 Offer Share surrendered to 0.4275 Consideration Share for every 1 Offer Share surrendered) pursuant to the declaration of the TAE Dividend. The cash portion of the offer will be financed through the subscription monies from Datuk Tiah Thee Kian of MYR 363.9 million. Post-completion, TA Global will be de-listed. TA Enterprise will compulsorily acquire the remaining shares, if it's holding crosses 90% threshold in TA Global.

The offer is not conditional upon any minimum level of acceptances. The transaction is subject to approval from Bursa securities for the listing of consideration shares and approval of shareholders of TA Enterprise. The shareholder meeting is scheduled to take place on November 30, 2020. The offer will remain open for acceptances until 5 pm on the 21st day after the posting date or such later date as TA Enterprise Berhad announce, unless the offer is withdrawn with SC's written approval. As reported on April 10, 2020, additional listing application in relation to the offer has been submitted to Bursa Securities. As of April 2, 2020, SC had vide its letter approving the application. On May 6, 2020, TA Securities resolved to seek the SC's prior written consent to withdraw the conditional voluntary take-over offer by TAE for the offer shares. On June 2, 2020, TA Securities Holdings Berhad resolved to decline the application for the withdrawal of the offer after having considered the justifications provided on a holistic basis.

As of June 24, 2020, TAE has written to Bursa Securities to withdraw the additional listing application in relation to the offer and the proposed subscription which was submitted on April 10, 2020. A new additional listing application for the offer and the proposed subscription will be submitted to Bursa Securities in due course. On June 25, 2020, TA Global Berhad applied to Bursa Securities for further extension of time of six months to comply with the public shareholding spread requirement and Bursa Securities. As per the update on August 11, 2020, the extension has been granted no later than November 13, 2020 for to dispatch the offer document and stock exchange clearance. As of October 16, 2020, the additional listing application has been submitted to Bursa Securities. As of November 10, 2020, Bursa Securities approved the listing and quotation of the offer and the proposed subscription. As of November 30, 2020, the transaction is approved by shareholders of TA Enterprise Berhad and becomes an unconditional. The offer is expected to be completed in the 4th quarter of 2020. Offer will remain open for acceptance till December 14, 2020. TA Securities acts as the financial advisor while Tricor Investor & Issuing House Services Sdn Bhd acted as registrar for TA Enterprise. BDO Capital Consultants Sdn Bhd acted as independent advisor and fairness opinion provider to board of TA Global. Raine & Horne International Zaki + Partners Sdn Bhd, RHT Valuation Pte Ltd, Jones Lang LaSalle Advisory Services Pty Ltd, Bangkok Hospitality Consulting Service Limited and Colliers International Inc acted as valuer in the deal.

TA Enterprise Berhad (KLSE:TA) completed the acquisition of remaining 39.83% stake in TA Global Berhad (KLSE:TAGB) on December 14, 2020. The dissenting shareholders with 1.94% shares of 103 million shares who did not accept the offer expired on March 15, 2021.