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Chinese buyer closes ISEC Healthcare offer with 56.5% ownership

CHINESE healthcare player Aier Eye Hospital Group now holds 56.53 per cent of Catalist-listed ISEC Healthcare as at the close of its mandatory offer on Friday.

Bid vehicle Aier Eye International eventually nabbed acceptances representing 21.53 per cent of all shares, after triggering the offer by buying a 35 per cent stake in an agreement in August.

Independent financial adviser CIMB Bank Berhad had deemed the offer price of S$0.36 a share in cash to be "not fair but reasonable", since the offeror wanted statutory control of the company, but shareholders were advised to take the deal unless they could find a higher price elsewhere.

ISEC shares ended Friday at S$0.37, up S$0.01 or 2.78 per cent, before the offer closed.