StemLife to be taken private for 45 sen a share

PETALING JAYA: Stem cell banking company StemLife Bhd has received a mandatory takeover offer from its major shareholder Cordlife Group Ltd (CGL) to acquire the remaining 66.97% stake it does not own in the company for 45 sen per share.
CGL does not intend to maintain the listing status of StemLife.
In a filing with the stock exchange, StemLife said the offer came after CGL had acquired a 1.2% stake in StemLife, bringing the shareholding from 31.81% to 33.03%, which triggered the 33% mandatory take over threshold.
The offer price represents a 2.5 sen or 5.88% premium against its closing price of 42.5 sen yesterday.
StemLife said the board will hold a board meeting to deliberate the offer and make an announcement in due course.
Local tycoon Tan Sri Vincent Tan Chee Yioun is the second largest shareholder of StemLife, with a 10.05% stake through Juara Sejati Sdn Bhd.