An independent financial adviser had earlier deemed the offer unfair and unreasonable
[SINGAPORE] A partial offer for a 10 per cent stake in Cordlife Group has lapsed, with the offerer, a subsidiary of Thai-listed Medeze Group, having secured less than a 10th of the shares it needed to.
As at the close of the offer at 5.30 pm on Wednesday (Jun 25), the total number of shares owned, controlled or agreed to be acquired by Medeze Treasury amounted to 2.4 million, representing a 0.95 per cent stake.
This comprises the 1.8 million shares (0.68 per cent) that Medeze Treasury had already owned pre-offer, as well as the valid acceptances of 694,591 shares (0.27 per cent), according to a bourse filing on Wednesday.
Medeze Treasury would have needed 25.6 million shares for the offer to succeed.
Through the partial offer, Medeze Group had eyed an entry into the Singapore market. The company had hoped to provide Cordlife’s customers with services such as the analysis and storage of the natural killer cell, which is known for its ability to kill cancer cells.
However, the offer was deemed unfair and unreasonable by an independent financial adviser, which recommended that shareholders reject it.
Cordlife has been battling a fallout from lapses discovered in the storage of its cord-blood units two years ago. The company announced on Monday that it will hold in-person and online town halls with customers affected by the damaged and high-risk tanks.
The company’s shares ended Wednesday flat at S$0.33.
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