Packaging solutions firm Kian Joo Can Factory Bhd (KJCF) received a MYR1.46 billion cash buyout bid from Aspire Insight Bhd. The privately owned company offered to buy KJCF at MYR3.30 per share, according to The Star.

According to the takeover offer given to KJCF, Aspire Insight would purchase the whole business and undertaking including all of the packaging firm's assets and liabilities. After the completion of the proposed takeover, Aspire Insight will increase its direct stake in KJCF's subsidiary Box-Pak (Malaysia) Bhd from nil to 54.83%, the report explained.

After the proposed deal, Aspire Insight would also extend a mandatory general offer for the remaining shares of Box-Pak, the report added.

As of the end of September, KJCF's cash and cash equivalents amount to MYR136.7 million. The firm's net profit increased 13.3% to MYR31.9 million in the quarter ending September 30, 2013. During the same quarter, the company's revenue also increased 16.6% from MYR280.1 million to MYR326.8 million, The Star reported.