SINGAPORE – A privatisation offer for medical services company Singapore Paincare has fallen through, as the offeror, Advance Bridge Healthcare, was unable to satisfy the conditions of the scheme of arrangement by its expiry date of Nov 27.
The companies added on Dec 5 that the credit facilities between Advance Bridge Healthcare, a management consultancy for healthcare services, and UOB also lapsed after Nov 27.
Therefore, the confirmation that the offeror possesses sufficient financial resources to satisfy in full the aggregate scheme consideration payable for all the scheme shared to be acquired has lapsed.
The cut-off date to satisfy the scheme conditions will not be extended, as Advance Bridge Healthcare does not have available assets, funds or collateral to support a fresh financial resources confirmation, and does not expect that it will be able to secure alternative sources of funding to do so.
