OUE Healthcare offers to take Healthway Medical private at 4.8 cents per share
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The exit offer is conditional on Healthway Medical receiving shareholders’ approval for the delisting.
PHOTO: ST FILE
Daphne Yow
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SINGAPORE – OUE Healthcare (OUEH) will spend up to $66.1 million to delist Healthway Medical at 4.8 cents per share via a voluntary conditional offer.
This comes as OUEH looks to streamline its operations, with the enlarged OUEH group serving as a regional platform for growth, both companies said on Monday.
OUEH and its concert parties hold around 42.28 per cent of Healthway Medical’s total shares as at Monday.
The maximum number of offer shares it can acquire is around 1.4 billion, which is about 30.4 per cent of the total number of issued shares.
Gateway Active, which owns around 27.36 per cent of Healthway Medical’s shares, has made an irrevocable undertaking to not accept the exit offer but vote in favour of the delisting.
The exit offer is conditional on Healthway Medical receiving shareholders’ approval for the delisting and to amend the company’s Constitution. Shareholders will vote at an extraordinary general meeting to be convened.
The exit offer price represents a premium of about 45.5 per cent over Healthway Medical’s last-traded price of 3.3 cents last Wednesday – the last full trading day before the offer announcement.
It also implies a 45.5 per cent premium over its one-month and three-month volume-weighted average prices (VWAP), a 41.2 per cent premium over its six-month VWAP and a 37.1 per cent premium over its 12-month VWAP.
Healthway Medical, a private healthcare provider, has more than 100 clinics in its network, including general practitioners and family medicine clinics, offering health screening, specialist, dental and allied healthcare services.
OUEH said the offer will enable the group to “harness potential synergies” with Healthway Medical to deliver comprehensive healthcare services across preventive, interventive, diagnostics, treatment, aftercare and other ancillary healthcare services.
Its offer was made through its wholly owned subsidiary OUEH Investments – a special purpose vehicle incorporated for the purposes of the exit offer.
