Axcelasia gets S$0.208 per share cash offer from Dorr Global Healthcare Intl

DORR Global Healthcare International, a provider of management consultancy services for healthcare organisations, plans to make an unconditional cash offer for Catalist-listed Axington Inc, formerly known as Axcelasia.

Dorr is offering S$0.208 in cash for each share, in a deal that values the company at S$33.3 million. The offer price is final and Dorr does not intend to revise the offer price, it said.

The offer price represents a premium of 43.45 per cent to Axington's last traded price of S$0.145 on May 26.

Dorr Global Healthcare International is owned by entrepreneurs Terence Loh Ne-Wei and Nelson Loh Ne-Loon.

Dorr is required to make the offer after agreeing to acquire a 66.9 per cent stake in Axington from various directors and shareholders for S$22.3 million, or S$0.208 per share by way of married deals.

The sellers are Axington deputy executive chairman Tang Swee Guan, his wife Chai Seow Lin, non-independent non-executive director Ranjit Singh, non-independent non-executive chairman Veerinderjeet Singh, and his wife Rajinderpal Kaur.

Dorr intends to maintain the listing status of the company, said DBS Bank, which is advising Dorr on the offer.

Axington had historically provided integrated professional services, mainly to companies in Malaysia. In April, Axington completed the sale of its core business in Malaysia to the Tricor Group in Hong Kong. As such, the Axington Group currently consists primarily of the company and subsidiaries in Singapore, Laos and Vietnam.