CFA Society Singapore
SINGAPORE (Feb 4): Procurri Corporation has received a non-binding letter of intent (LOI) from New State Capital Partners LLC for the proposed acquisition of all the shares of the company -- other than treasury shares and shares held by substantial shareholder Irrucorp -- via a scheme of arrangement.
However, Procurri said in a filing this morning has not accepted the LOI and therefore has not started exclusive discussions with New State in relation to the proposed acquisition.
Procurri is the provider of IT lifecycle services, data centre equipment and genuine refurbished, pre-owned or new-in-box IT products. New State is a private investment firm which operates in the United States and focuses on investments in business, healthcare and industrial services industries.
Under the terms of the LOI, the consideration for the scheme shares will be satisfied by cash. The signing of a definitive agreement is also subject to the undertakings from certain company shareholders to vote in favour of the scheme. Completion of the acquisition is also conditional on New State's due diligence, Singapore regulatory approvals and certain waivers from the authorities.
Last Sept, Procurri announced it had received an unsolicited, non-binding indication of interest from a third party to acquire shares in the company through a possible voluntary general offer. In Jan, it updated that the interested third party was still doing due diligence checks and is still considering to make the offer and the various avenues of carrying out the possible transaction.
As at 11.44am, shares in Procurri are up 0.5 cent at 31 cents.