Lippo's Gentle Care extends closing date for Healthway takeover offer to May 2

LIPPO-LINKED Gentle Care has extended the closing date for its takeover offer of Healthway Medical Corporation (HMC) to 5.30pm on May 2, 2017, the company said in a Singapore Exchange filing.

The voluntary conditional cash offer for all the issued and paid-up ordinary shares of HMC at S$0.042 each was supposed to expire on Tuesday at 5.30pm.

Gentle Care is also making an offer to acquire Gateway Partners' S$70 million convertible notes, which are convertible into new shares at a price of S$0.03384 per share.

Gentle Care is currently reviewing the documentation related to the convertible notes and is obtaining the relevant clearances for its latest offer.

As at 5pm on Monday, Gentle Care had received valid acceptances of about 246 million shares - representing about 9.99 per cent of total shares issued or 8.92 per cent of maximum potential issued share capital.

Including valid acceptances, Gentle Care now owns about 31.41 per cent of total shares issued or 28.04 per cent of the maximum potential issued share capital of HMC.

On Monday, HMC received S$8.6 million - net proceeds of the first tranche of the S$70 million convertible notes deal with Gateway.