Procurri: Second possible acquirer terminates talks

Singapore two-dollar billsSingapore two-dollar bills

Procurri Corp. said on Friday that the interested third-party, which was the second to make an unsolicited expression of interest in acquiring the company’s shares, has terminated talks.

The second potential acquirer has decided to treat its non-binding expression of interest as having expired, it said in a filing to SGX before the market open on Friday.

The second offer was from a third party “not in any way related” to the proposed acquisition announced earlier this month, Procurri had said in an SGX filing on Thursday.

Earlier this month, Procurri had said New State Capital Partners, a U.S.-based private investment firm, had provided a non-binding letter of intent (LOI) proposing to acquire all of the company’s shares, other than treasury shares and shares held by substantial shareholder Irrucorp.

At the time, the company said it had not accepted the LOI and discussions with New State were not exclusive.

It also noted that the LOI wasn’t a legally binding offer, and there was no assurance any transaction would materialize.

Procurri provides IT management services and data center equipment, including refurbished equipment. It offers supply-chain management, hardware resale and maintenance services.

Get the Shenton Wire morning briefing in your inbox