TLW Success’ offer to take Singapore Medical Group (SMG) private has turned unconditional. TLW Success is an investment vehicle owned by top Singapore Medical Group (SMG) executives.

The total shares TLW Success and its concert parties owned, controlled or agreed to acquire, and the valid acceptances of the S$0.40 per share offer, crossed the 90 per cent threshold on Monday (Nov 28).

The 444.6 million shares represented 91.4 per cent of the total number of issued shares and 90 per cent of the maximum potential number of issued shares. The offer will remain open for acceptance until 5.30 pm on Dec 19, TLW Success said on Monday.

The vehicle is jointly owned in equal measure between SMG’s non-executive chairman Tony Tan Choon Keat, chief executive Beng Teck Liang and executive director Wong Seng Weng.

It launched its bid to privatise SMG in September, at S$0.37 per share.

This was later raised to S$0.40 per share or one new share in the offeror. The revised offer price represents some 16.8 per cent over the stock’s net asset value, and 357.1 per cent over its net tangible asset value per share as at end-December 2021.

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