The partial offer made by private equity firm Novo Tellus to increase its stake in the Singapore-listed data centre equipment provider Procurri has lapsed, according to a stock exchange announcement on Tuesday.
As the deadline for the partial offer ended on Monday, Novo Tellus’s offer did not receive the required support from other shareholders. The PE firm received valid acceptances for only 8.55% of the total shares.
A number of Procurri investors, including DeClout and ICH Gemini Asia Growth Fund, stated their intention to reject the offer, according to media reports. The partial offer was first made on March 15, 2021 at S$0.365 a share.
OCBC was the sole financial advisor to Novo Tellus in this transaction.
Currently, Novo Tellus, together with its two limited partners hold 28.83% in Procurri. The PE firm invests through its special purpose vehicle NTCP SPV VIII, which is a subsidiary of Novo Tellus PE Fund 2 L.P.
Through the partial offer, Novo Tellus sought to increase its ownership to 51% and keep Procurri publicly listed. The PE firm claimed that the partial offer would provide the shareholders a choice to tender their shares for a cash premium or hold it for the long term.
Procurri provides IT lifecycle services and data centre equipment, with services including maintenance, leasing, and rental. The company has 20 offices and eight global distribution warehouses, according to its website.