Partial offer for Cordlife lapses with Thai-listed Medeze securing a less than 1% stake
An independent financial adviser had earlier deemed the offer for a 10 per cent stake in Cordlife unfair and unreasonable. PHOTO: BT FILE
Partial offer for Cordlife lapses with Thai-listed Medeze securing a less than 1% stake
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 June 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 June 25.
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 this week held in-person and online town halls with customers affected by the damaged and high-risk tanks. Its purpose was to present and get feedback on possible ways to enhance support and expand coverage for affected customers.
Cordlife said on June 23 a potential enhanced proposal under review may include added support for cord blood storage, broader coverage beyond what was in the original contracts, and medical support if a transplant is needed. Any improved offer will apply to all affected customers, including those who accepted earlier offers from Cordlife made in February and April 2024.
The company's shares ended unchanged at 33 cents on June 25. THE BUSINESS TIMES
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