Malaysia’s Apex Healthcare Bhd has received a conditional voluntary takeover offer from a vehicle co-controlled by Quadria Capital’s third fund; and Kee Kirk Chin, the company’s major shareholder and chairman.
The duo is proposing to acquire 708.51 million shares, or 98.24%, in the company at 2.64 ringgit per share, in a potential deal that would delist the company from Bursa Malaysia. The offer represents a modest premium over AHB’s last traded price of 2.62 ringgit and a 6.58% premium to its average price of 2.25 ringgit in the past one month and 12.83% to its six-month price of 2.33 ringgit.
Funding for the offer will be sourced through a combination of capital calls from the investors of its third fund, alongside co-investors including 65 Equity Partners and Employees Provident Fund as well as bank loans. The news came after Quadria Capital closed its $1-billion third healthcare fund in May.
Apex Pharmacy Holdings Sdn Bhd—Dr Kee’s private investment vehicle and the largest shareholder with a 39.58% stake in Apex Healthcare—has pledged to accept the offer. Other connected parties, including his brother Kee Kirk Chuen and Tan Su-Ann, have also committed their support.
Founded in 1962, Apex Healthcare is a pharmaceutical group whose operation spans development, manufacturing, sales and marketing, distribution and wholesaling of pharmaceuticals, consumer healthcare products, and medical devices.
