Cedar advisory to buyout 39.62% of Union Diagnostic shares

Cedar Advisory Partners limited, an investment firm with niche in healthcare business, has offered to acquire additional 1,407,855,051 shares in Union Diagnostic and Clinical Service Plc.

The firm currently holds 711,916,612 ordinary shares which represents 20.04% equity in the Union Diagnostic.

If the transaction go through, Cedar will hold a combined 59.66% equity holding of the Company.

According to document submitted to the Nigerian Stock Exchange, Cedar is offering to purchase a share at ₦0.35 through a scheme of arrangement.

“Union Diagnostic and Clinical Services Plc hereby wishes to inform the Nigerian Stock Exchange and the investing public that the Company has received a binding offer.

“The offer was made by Cedar Advisory Partners Limited to acquire a total of 1,407,855,051 ordinary shares of 50 kobo each held by all minority shareholders”, Union Diagnostic submitted.

The document reads that the offer price of ₦0.35 per share represents a premium of 75% of the Union Diagnostic last closing price on the 16 March 2020 and 70.1% of 90-day volume weighted average share price.

Meanwhile, the Board announces that it has fully considered the offer and will recommend the offer to shareholders for consideration at a court ordered meeting.

It said this will come further to the approval by relevant regulatory authorities.

Union Diagnostic said further details will be communicated to the shareholders of the Company as the transaction progresses.

It however stated that shareholders and potential investors are advised to exercise caution when dealing in shares until a further announcement is made.

Cedar advisory to buyout 39.62% of Union Diagnostic shares

 

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