Singapore Medical Group takeover offer deadline extended to Dec 5

Michelle Zhu

Published Wed, Nov 23, 2022 · 03:45 PM

THE closing date for the voluntary conditional general offer to take Singapore Medical Group (SMG) private has been extended from Nov 23 to Dec 5.

This is also the final day for the offer to become or be declared unconditional. It is currently conditional upon the offeror and its concert parties holding more than 90 per cent of the company at the offer’s close.

According to the company on Wednesday (Nov 23), offeror TLW Success – an investment vehicle owned by top SMG executives – had obtained valid acceptances representing about 89.35 per cent of SMG’s total number of shares in issue as at 6 pm on Nov 22.

Including acceptances received from those acting in concert with the offeror, this represents about 87.97 per cent of the maximum potential number of issued shares, which would have been in issue had all of the company’s outstanding options and company awards been exercised.

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, TLW Success in September launched its bid to privatise SMG at the offer price of S$0.37 per share.

This was later raised to S$0.40 per share or one new share in the offeror “in appreciation (of shareholders’) continued support” and also “in view of the prevailing market conditions and business environment to date”. The revised offer price represents some 16.8 per cent over the stock’s net asset value as well as 357.1 per cent over its net tangible asset value per share as at end-December 2021.