18 Nov 2015
Mandatory Unconditional Cash Offer by Canaccord Genuity Singapore Pte. Ltd
Lawrence Tan, Bernia Tan and Lim Ee Nian from the Capital Markets / Mergers & Acquisitions Practice are acting for Jacks International Limited (“Company”) in the mandatory unconditional cash offer (“Offer”) by Canaccord Genuity Singapore Pte. Ltd., for and on behalf of Creative Elite Holdings Limited (“Offeror”), for all issued ordinary shares (excluding treasury shares) (the “Shares”) in the capital of the Company that are not already owned, controlled or agreed to be acquired by the Offeror and parties acting in concert with the Offeror.
The Offer is made as a result of the acquisition by the Offeror of 19,825,286 Shares, representing approximately 66.08% of the total issued Shares, from Abacus Pacific N.V. (“Abacus”) for a cash consideration of S$0.80 per Share pursuant to an unconditional sale and purchase agreement between the Offeror and Abacus.
Based on the offer price of S$0.80 per Share, the Offer values the Company at approximately S$24 million.
The Company is listed on the Main Board of the Singapore Exchange Securities Trading Limited and is primarily engaged in the distribution and retail of health foods and supplements in Singapore and Brunei. The Company's ultimate holding company is Johan Holdings Berhad, which is listed on Bursa Malaysia Securities Berhad.