BioDlink (1875 HK): Offer Now Open For WuXi XDC's VGO

• Back on the 14th January, biopharma play BioDlink International (1875 HK) announced a voluntary offer from Wuxi Biologics (2269 HK)-backed WuXi XDC Cayman (2268 HK).

• WuXi XDC is offering HK$4.00/share, a 99% premium to last close. Terms are final. The Offer is conditional on a 60% acceptance hurdle. Irrevocables are at 60%. This is done.

• The Composite Doc is now out. The Offer is now open. First close is the 13th March. The IFA (Grand Moore) says “fair & reasonable“. Trading through terms.

BioDlink is illiquid. Look away now if this is not your thing.

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The Trade:

• Super clean deal.

• Trading through terms as investors play the back-end.

• Unless this were to retrace back to terms, nothing to see here for arb investors.