In today’s briefing:
- Singapore Medical’s VGO: Acceptances at 77.37%, Closing Date Now 15 Nov
- Singapore Medical Extends Offer As Tendering Surprises
Singapore Medical’s VGO: Acceptances at 77.37%, Closing Date Now 15 Nov
- Singapore Medical (SMG SP)‘s voluntary conditional offer from management (chairman, CEO, exec director) has received acceptances of 77.37% of outstanding shares, below the 90% minimum acceptance condition.
- The closing date has been extended to 15 November. To hit the 90% minimum acceptance condition, the offeror requires a 55.8% acceptance rate from the remaining holdout minorities.
- The IFA previously declared the offer “not fair but reasonable.” The gross spread of 1.4% is not an attractive risk/reward profile. We continue to recommend taking profits.
Singapore Medical Extends Offer As Tendering Surprises
- Back on the 14 September, healthcare provider Singapore Medical (SMG SP) announced a voluntary MBO from TLW at S$0.37/share. The IFA concluded the Offer was “not fair but reasonable”.
- The Offer is conditional on 90% of shares out held by the Offeror, and the TLW shareholders plus irrevocables hold 51.67% all-in. This 90% conditionality is firm.
- As of the first close, TLW now has 77.37%. The Offer has been extended by a fortnight. The Offer price has NOT been declared final.
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