The board of Mainboard-listed Cordlife Group has appointed Novus Corporate Finance as its independent financial advisor for the partial offer of a 10% stake in the company by Medeze Group.
Medeze Group, a leader in Southeast Asia stem cell storage and services market, announced plans to acquire a 10% stake in Cordlife, or 25.63 million shares on May 13, for 25 cents per share.
The offer price represents a premium of 61.3% to Cordlife’s last-traded price of 15.5 cents on May 9. It also represents a premium of 61.3%, 60.3%, 59.2% and 61.3% to the volume weighted average price (VWAP) of the last one-, three-, six- and 12 month periods. The offer price is 42.9% above Cordlife’s 52-week high traded price of 17.5 cents as well.
Should the offer successfully take place, Medeze Group will own a 10.68% stake in Cordlife. Recognising the synergistic nature of both businesses, Medeze says will look at exploring business opportunities with Cordlife to “create long-term value and mutual benefit for both parties” upon the completion of the offer.
Shares in Cordlife closed flat at 27 cents on May 29.
