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Crescent Capital Partners bid for Abano lapses

Crescent Capital Partners bid for Abano lapses

Auckland, NZ (March 18, 2008): _Crescent Capital Partners has announced acceptances received in its takeover offer for the Abano Healthcare Group, which closed at 5.00pm on Friday March 14, reached 18.510%. In addition, Crescent received a further 1.69% acceptances that were sent after the deadline, which have not been included in this tally.

Combined with its current 19.7% shareholding, the valid acceptances would have brought the total shareholding of Crescent Capital Partners to 38.202% and just under 40% if all acceptances had been received before the close of the offer. This means the company has not reached the 50.1% threshold required to declare the offer unconditional (given Crescent’s previous announcement of its intention to waive the 90% minimum acceptance condition should it receive acceptances sufficient to take it to 50.1%). As the minimum acceptance condition has not been satisfied or waived, the offer has now lapsed and all acceptance forms received will be destroyed.

“We would like to thank those shareholders who supported what we believe was a full and fair offer for Abano Healthcare. Since December last year shareholders holding nearly 60% of Abano shares have either accepted into our offer or sold their shares at prices equal to or below our offer price of $5.20 per share. We believe that our offer was compelling and one that fully values the company,” said Michael Alscher, Executive Director of Crescent.

ENDS


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