You are here

Biosensors extends Citic deal deadline to April 10, will seek shareholders' approval

THE deadline for a proposed takeover of Biosensors International Group has been extended to April 10 so that shareholder approval can be obtained.

The private equity arm of Citic Group Corp, which is a substantial shareholder of Biosensors, is offering to buy up all of Biosensors' shares that it does not own.

In an announcement on Wednesday after the market closed, Biosensors said that it has been informed by regulators that it will have to obtain at least 75 per cent shareholders' approval for a delisting resolution, and at least 75 per cent of independent shareholders' approval for the transactions proposed by Citic.

Both resolutions will be inter-conditional.

The deadline for the deal to be completed has therefore been pushed to April 10, 2016 instead of the original deadline of Feb 10.

Biosensors also said that it plans to report its delayed second and third quarter financial results by Feb 19.