PARAGON CARE LIMITED CH2 Holdings Pty Limited entered into a Share Sale Agreement to acquire Paragon Care Limited (ASX:PGC) for approximately AUD 190 million in a reverse merger transaction on February 29, 2024. Under the Merger, it is proposed that Paragon Care will acquire all of the issued share capital in CH2 in exchange for issuing 943,524,071 shares in ParagonCare. The proposed issue of shares implies a purchase price AUD 201,494,830 assuming a AUD 0.214 share issue price and represents 57% of Paragon Care?s issued shares post the Merger completing.
The Merger is subject to the approval of Paragon Care shareholders and approvals from ASIC and ASX. The transaction has been unanimously approved by the Board of Directors of Paragon. The expected completion date of the transaction is late May 2024.
Herbert Smith Freehills is acting as legal adviser to ParagonCare.Record Point is acting as financial adviser and Baker McKenzie is acting as legal adviser to CH2.
