This article first appeared in The Edge Financial Daily on November 23, 2017
KUALA LUMPUR: Hovid Bhd managing director David Ho and private equity firm TAEL Two Partners Ltd who have offered to take over the company, have lowered the acceptance condition threshold to 75% from 90%.
That means the offer is now conditional on the joint offerors receiving more than 75% of the pharmaceutical company’s shares, including shares already held or acquired.
They also made a second extension to the cut-off date for the acceptance of the offer, to Dec 7 from Dec 4. The original deadline was Nov 20.
Other than that, other terms and conditions, including the offer price of 38 sen per share, remain unchanged, a press statement from the joint offerors stated yesterday.
TAEL is undertaking the offer via its special-purpose vehicle Fajar Astoria Sdn Bhd. On market close yesterday, the joint offerors held 56.81% of Hovid’s total shares, and 72.52% of its warrants. Hovid shares closed unchanged at 36.5 sen yesterday, with a market value of RM299.62 million.