Medeze’s Cordlife offer lapses after securing less than 1% stake

The offer was deemed unfair and unreasonable by an independent financial.

A partial offer for a 10% stake in Cordlife Group has lapsed, with the offerer, a subsidiary of Thai-listed Medeze Group, securing less than 1% of shares.

At the close of the offer, the total number of shares owned by Medeze Treasury amounted to 2.4 million, representing a 0.95% stake.

This comprises the 1.8 million shares (0.68%) that Medeze Treasury had already owned pre-offer, as well as the valid acceptances of 694,591 shares (0.27%).

Medeze Treasury would have needed 25.6 million shares for the offer to succeed.

The offer was deemed unfair and unreasonable by an independent financial adviser, who recommended that shareholders reject it.