- iCar Asia (ICQ) has received a “best and final offer price” letter share for its acquisition by Carsome
- The letter reaffirms the bid price at $0.53 per share by way of a Scheme of Arrangement
- A scheme meeting is scheduled for January 31 and the board recommends shareholders vote in favour of the bid in the absence of a superior proposal
- In the non-binding indicative proposal from July last year, the share purchase price was proposed at $0.55 in cash per share
- iCar Asia shares dropped 0.96 per cent and were trading at 51.5 cents
iCar Asia (ICQ) has received a “best and final offer price” letter share for its acquisition by Carsome reaffirming the bid price at $0.53 per share by way of a Scheme of Arrangement.
The ICQ board has scheduled a scheme meeting on January 31 and recommends shareholders vote in favour of the bid in the absence of a superior proposal.
In the event the Scheme Implementation Deed is terminated for any reason, Carsome
reserves its right to make a takeover offer for iCar at an offer price not higher than A$0.53 per iCar Share in accordance with the Corporations Act
During November last year, iCar secured US$12 million (A$16.5 million) funding from Carsome, to cover expenses associated with the acquisition.
In the original non-binding indicative proposal from July last year, the share purchase price was proposed at $0.55 in cash per share.
Carsome is a private company based in Singapore and operates an integrated automotive eCommerce platform across Malaysia, Indonesia, Thailand and Singapore.
iCar Asia shares have dropped 0.96 per cent and were trading at 51.5 cents at 1340 AEDT.