Investment firm Novo Tellus’ partial offer for IT equipment seller Procurri Corp has fell through. At the close of the offer period, Novo Tellus received acceptance of just 8.55%. 

Combined with shares already held by concerted parties, including Procurri’s management, Novo Tellus controls just 37.37% of the - significantly short of the minimum of 51% needed for the offer to go through.

Five existing Procurri shareholders, including former controlling shareholder DeClout, had over the past couple of weeks openly stated their intention to reject Novo Tellus offer of 36.5 cents per share.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook