StemLife Bhd (
Valuation: 0.00, Fundamental: 1.95) has received a conditional takeover offer from its largest shareholder Cordlife Group Ltd ( Valuation: 1.50, Fundamental: 1.70) for 45 sen cash per share for the remainder stake the latter does not own; the offer is 2.5 sen or 5.88% higher than StemLife's closing price of 42.5 sen on the open market today.
Valuation: 0.00, Fundamental: 1.95) has received a conditional takeover offer from its largest shareholder Cordlife Group Ltd ( Valuation: 1.50, Fundamental: 1.70) for 45 sen cash per share for the remainder stake the latter does not own; the offer is 2.5 sen or 5.88% higher than StemLife's closing price of 42.5 sen on the open market today.
StemLife's board announced via Bursa today that it will hold a board meeting to deliberate on the offer and make an announcement in due course.
In the attached offer document, adviser Maybank Investment Bank Bhd (Maybank IB) said the takeover offer is conditional upon the Singapore-listed cord blood bank getting more than 50% of voting shares or voting rights of StemLife in 21 days after the posting of the offer document today.
If Cordlife secures a 75% stake or more in StemLife, it does not intend to maintain StemLife's listing status and "does not intend to address any shortfall to meet the public spread requirement".
Cordlife triggered the mandatory general offer today after increasing its shareholding in StemLife to 33.03% today from 31.81% previously, in an off-market deal for 45 sen per share or RM1.35 million in total, said Maybank IB.
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