A healthtech startup unit has made an offer to take Asian Healthcare Specialists private, offering S$0.188 a share in cash.
In a statement filed by Catalist-listed Asian Healthcare Specialists to the Singapore Exchange on Thursday (Oct 6), Labrador Park announced the voluntary cash offer and said it has received irrevocable undertakings from shareholders with 79.54 per cent of the total shares as of Thursday.
Apart from garnering no less than 90 per cent of the total shares to make this offer a deal, Labrador Park also requires that all clearances, waivers and approvals must be secured from the landlords of the premises leased by the Asian Healthcare Specialists group.
Wholly owned by healthtech startup Doctor Anywhere as a special purpose vehicle, Labrador Park said the offer values Asian Healthcare Specialists at S$109 million and the offer price is at a premium of 18.3 per cent, 21.3 per cent, 22.3 per cent and 19.5 per cent over the volume-weighted average prices for the one, three, six and 12-month periods respectively up to Oct 5.
The valuation, noted Labrador Park, puts its target above that of trading peers, with the last 12-month enterprise value/earnings before interest, tax, depreciation and amortisation (LTM EV/ Ebitda) at 11.2 times, compared with trading peers' 7.4 times.
As for price over earnings, as stated by the offeror, Asian Healthcare Specialists' 20.5 times is above the trading peers' 13.6 times, using figures from the last 12 months.
The Catalist counter requested a halt in trading on Thursday morning and was last trading at S$0.16 on Wednesday.