PETALING JAYA: Apex Healthcare Bhd
’s takeover offer from Pharmora Investment Holdings Pte Ltd at RM2.64 per share is “highly likely to turn unconditional”, says Public Investment Bank Research (PublicInvest Research).
In a report, the research house said the proposed price, which represented a premium of 4.3% over Apex Healthcare’s last closing price, was “attractive” and valued the healthcare group at 21 times price-to-earnings ratio (PER), compared with its five-year historical average of 18 times.
“We believe the offer is likely to become unconditional as the collective shareholding of the offerors in Apex Healthcare is already at 43.5%,” it said.
Last Friday, Pharmora Investment is a special purpose vehicle through which is held by joint ultimate offerors, Quadria Capital Fund III Holdings Pte Ltd (Quadria CFIII) and Dr Kee Kirk Chin who is a major shareholder, chairman and chief executive officer of AHB.
The offer will be funded through Quadria’s internal resources, together with co-investments from the Employees Provident Fund and Temasek’s 65 Equity Partners, as well as bank borrowings.
The proposal is conditional upon the offerors securing no less than 90% acceptances.
