Procurri says second interested buyer has ended talks

SINGAPORE - Enterprise hardware supplier Procurri Corporation disclosed on Friday morning (Feb 8) that discussions of a possible offer by a second interested buyer have been terminated.

Procurri said in a filing to the Singapore Exchange that the second interested buyer would treat the expression of interest - which had been unsolicited and non-binding - as "having expired". This is in accordance with the terms of the aforesaid expression of interest.

It added that shareholders are advised to exercise caution when dealing with shares and to refrain from taking any action in respect of their shares which may be prejudicial to their interests.

The news comes a day after Procurri's disclosure on Thursday that it had received interest on Feb 4, 2019, from the third party for an acquisition through a possible voluntary general offer, subject to due diligence being conducted. Procurri said at the time that the second offeror was not in any way related to a proposed acquisition via a scheme announced on Feb 3, 2019, by its first offeror, New State Capital Partners LLC, to the best of its knowledge.

The company's shares jumped by around 8 per cent or 2.5 cents, closing at 33.5 cents on Thursday.

The company had named its first offeror on Monday, adding it received a non-binding letter of intent from the US private investment firm. This was for the proposed acquisition of all company shares, other than treasury shares and shares held by substantial shareholder Irrucorp, via a scheme of arrangement.