Innovax Updates Market on Progress of Possible Mandatory Cash Offer and Connected Disposal

An update from Innovax Holdings Limited ( (HK:2680) ) is now available.

Innovax Holdings Limited and its prospective acquirer, Mr. Wang Tingfa, have issued a monthly update on a possible unconditional mandatory cash offer for all Innovax shares not already owned by Wang and his concert parties, with AFG Securities Limited acting on Wang’s behalf. The transaction remains subject to completion of a sale and purchase agreement and regulatory approval from the Hong Kong SFC for Wang to become a substantial shareholder of each regulated group company, with the offer to proceed only if these conditions are met. Wang has submitted the substantial shareholder applications to the SFC and is responding to its requisitions, while no other material developments occurred during the month. Separately, Innovax’s independent shareholders have approved a disposal agreement treated as a connected transaction and special deal, thereby satisfying key conditions tied to that disposal, and the regulator has conditionally consented to the special deal. The company and the offeror plan to combine the offer document and offeree circular into a single composite document and will continue issuing monthly updates on the status and progress of the potential offer and related sale and purchase agreement.

The most recent analyst rating on (HK:2680) stock is a Hold with a HK$11.50 price target. To see the full list of analyst forecasts on Innovax Holdings Limited stock, see the HK:2680 Stock Forecast page.

More about Innovax Holdings Limited

Innovax Holdings Limited is a Hong Kong-listed company incorporated in the Cayman Islands, operating through a group of regulated subsidiaries (the Regulated Group Companies) that are subject to oversight by the Securities and Futures Commission (SFC), indicating a core focus on financial or securities-related services in the Hong Kong market.

Average Trading Volume: 295,817

Technical Sentiment Signal: Buy

Current Market Cap: HK$607.8M

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