Procurri receives second expression of interest from third party for possible voluntary general offer

ENTERPRISE hardware supplier Procurri Corporation on Thursday said that it had on Feb 4, 2019, received a second unsolicited, non-binding expression of interest from a third party to acquire the company through a possible voluntary general offer.

This is subject to due diligence being conducted.

Procurri added that to the best of its knowledge, the second offeror is not in any way related to a proposed acquisition via a scheme announced on Feb 3, 2019 by New State Capital Partners LLC.

On Monday, Procurri had named its first offeror, saying it has received a non-binding letter of intent (LOI) from New State Capital Partners for the proposed acquisition of all the shares of the company, other than treasury shares and shares held by substantial shareholder Irrucorp, via a scheme of arrangement.

New State is a private investment firm which operates in the US and focuses on investments in business, healthcare and industrial services industries.

Irrucorp, in which Procurri chairman and global CEO Sean Murphy, and executive director and global president Edward Flachbarth are deemed to have interests, owns about 12.03 per cent in the company as at March 16, 2018, according to Procurri's 2017 annual report.

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