Elife Holdings (HKG:0223) established an independent board committee to advise the independent shareholders regarding the partial cash offer made by VBG Capital to acquire a further 67.8 million shares or 5.00% of the total issued shares of the company.
The company also appointed Alpha Financial Group as its independent financial advisor to provide advice to the related parties on whether the offer is "fair and reasonable," a Monday Hong Kong bourse filing said.
VBG Capital made the mentioned offer on behalf of Chen Xiaoping earlier this month.
The shares of the company closed nearly 6% lower on Monday.
Price (HKD): $0.11, Change: $-0.0070, Percent Change: -5.93%
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