Second potential offeror rescinds expression of interest to acquire Procurri less than 24 hours later

Second potential offeror rescinds expression of interest to acquire Procurri less than 24 hours later

By: 
Michelle Zhu
08/02/19, 10:42 am

SINGAPORE (Feb 8): Procurri Corporation says the second potential offeror to express interest in acquiring the company after New State Capital Partners LLC has now decided to terminate further discussions on the matter.

The update comes less than 24 hours after Procurri had received its second, unsolicited non-binding expression of interest (EoI) from an unnamed third party to acquire the company through a possible voluntary general offer.

In response to the initial news, shares in the provider of data centre equipment and IT products controlled by DeClout were up by as much as 6.5% at 33 cents before the midday trading break on Thursday, closing 1.5 cents higher at 33.5 cents.

The second interested third party has now decided to treat the potential acquisition as having “expired” in accordance with the terms set out in its EoI, says the company in its latest update.  

To recap, Procurri first announced that an interested third party made an offer on Sept 7 last year to acquire the company through a possible voluntary general offer.

This offeror was later revealed to be New State Capital Partners, a private equity (PE) firm specialising in mezzanine investments in lower- middle-market companies.

As at 10:34am, shares in Procurri are down by 1.49% at 33 cents.

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