TLW Success’ Offer to Privatise SMG Surpasses 90% Shareholder Acceptance
TLW Success’ bid to take Singapore Medical Group (SMG) private has become unconditional after surpassing the 90 per cent acceptance threshold. TLW Success, an investment vehicle owned by senior SMG executives, achieved this milestone on Monday (Nov 28).
The total number of shares owned, controlled, or agreed to be acquired by TLW Success and its concert parties, as well as valid acceptances of the S$0.40 per share offer, amounted to 444.6 million shares, representing 91.4 per cent of the total issued shares and 90 per cent of the maximum potential shares. The offer remains open for acceptance until 5.30 pm on December 19, according to TLW Success.
TLW Success is co-owned equally by SMG’s non-executive chairman Tony Tan Choon Keat, chief executive Beng Teck Liang, and executive director Wong Seng Weng.
The offer to privatise SMG was initially launched in September at S$0.37 per share. The offer price was later increased to S$0.40 per share, or alternatively, one new share in TLW Success. The revised offer price represents a 16.8 per cent premium over SMG’s net asset value and a 357.1 per cent premium over its net tangible asset value per share as of December 2021.
