In today’s briefing:
- SciClone Pharma (6600 HK): GL Capital’s Scheme Offer at HK$18.80
SciClone Pharma (6600 HK): GL Capital’s Scheme Offer at HK$18.80
- Sciclone Pharmaceuticals (6600 HK) disclosed a scheme privatisation offer from GL Capital at HK$18.80 per share, a 33.9% premium to the undisturbed price (HK$14.04 on 15 March).
- The key condition is approval by at least 75% of disinterested shareholders (<10% of all disinterested shareholders rejection). The Bank of China, which holds a blocking stake, should be supportive.
- The offer price has been declared final. It is reasonable, aligning with the all-time high and the IPO price. This is a done deal.
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