Elite shareholders await verdict on $1.60 bid

ELITE Diagnostic Limited shareholders will have to wait until November 17 for the board’s recommendation on a $1.60-a-share cash offer from Resource Assets Limited, the St Lucia-registered investor that amassed a 49.80 per cent stake in the medical imaging company before bidding for the rest.

Elite said on Monday that it needed more time to obtain a specialist valuation of some of its equipment and for its independent financial adviser to complete an opinion on whether the offer is fair and reasonable. The board now plans to publish and send its recommendation to shareholders by November 17, less than two weeks before the offer is scheduled to close on November 30.

“The Directors’ Circular will contain the Board’s recommendation on whether shareholders should accept or reject the Offer,” the notice said.