Vincent Tan takes control of NExnews;was Tong Kooi Ong pushed?

According to THE EDGE:

Announcing the deal on Jan 25, BCorp said Net Edge Online and Tong had accepted its(BCorp) offer to acquire their entire 82.77 million Nexnews shares at RM1.60 each and 6.19 million warrants at 42 sen a unit.

The acquisition will be satisfied by the transfer of 164.85 million units of existing 0% irredeemable convertible unsecured loan stocks (ICULS) of 50 sen nominal amount each 2005/2015 in BCorp at 75 sen each, as well as BCorp group assuming the RM15.6 million term loan taken by Net Edge Online.

So, Tong Kooi Ong,"financial genius" is prepared to take junk bonds rather than cash in exchange for giving-up his beloved Edge?

The bonds are zero-rated-so no interest, but are convertible, but who wants BCorp stock?

Having said that the question that needs to be answered: Why is Vincent buying back full control of THE SUN? I was there when it last happened, and he did not make any money on it. In fact that episode left him with accumulated losses of RM 120 million, multiple law suits , and a drain of Berjaya's cash resources. All that when THE SUN at least looked like it had a future.

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