Asian Healthcare Specialists offer gets sufficient acceptances to turn unconditional

LABRADOR Park’s offer to take Asian Healthcare Specialists private at S$0.188 per share has obtained valid acceptances from shareholders holding 90.15 per cent of the company’s shares, or some 521.4 million securities.

While this means the minimum acceptance condition of the offer has been satisfied, the group on Wednesday (Nov 9) clarified that the offer has not become unconditional in all respects, as the requisite third party consents have yet to be secured.

The offer’s closing date will be extended to 5.30 pm on Dec 15, 2022, from the same time on Dec 1.

On Oct 6, Labrador Park made a voluntary cash offer for Asian Healthcare Specialists which placed the company’s value at S$109 million.

It is conditional upon the offeror receiving no less than 90 per cent of the total shares and all clearances, waivers and approvals must also be secured from the landlords of the premises leased by the Asian Healthcare Specialists group.

As at Oct 26, the offer had secured total irrevocable undertakings amounting to 87.16 per cent.

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Shares of Asian Healthcare Specialists closed Tuesday unchanged at S$0.186.