TLW Success’ offer for Singapore Medical Group closes with 95.1% of acceptances
TLW Success has received 95.14 per cent of valid acceptances for its bid to take Singapore Medical Group (SMG) private.
The offer, priced at S$0.40 per share, closed at 5.30 pm on Monday (Dec 19).
Including acceptances received from those acting in concert with the offeror, this represents about 93.66 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.
TLW Success is an investment vehicle owned by top SMG executives. It is 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.
The investment vehicle launched its bid to privatise SMG in September 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.
The revised offer price represents some 16.8 per cent over the stock’s net asset value, and 357.1 per cent over its net tangible asset value per share as at end-December 2021.
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