PSC Corporation terminates agreement to acquire Dean Fa Food Co

The termination came about as the closing conditions of the SPA could not be completed, says PSC Corporation.

PSC Corporation, on Oct 14, announced that it has agreed to terminate its proposed acquisition of Dean Fa Food Co.

The company says the sale and purchase agreement (SPA) it entered into with the shareholders of Dean Fa Food Co, Lee Wen-Chung, Lee Yi-Ming, Lee Wen-Yuan, Liu Hsiu-Yun, Huang Wen-Liang, Ang Teck Hock, Ang Bock Hwee and Yin Wen Xin (or the vendor shareholders) has been terminated.

The SPA, which was signed on June 6, stipulated that the consideration for the sale shares of Dean Fa Food Co came in at $95.15 million.

According to PSC Corporation, the termination came about as the closing conditions, including external approvals and corporate approvals, could not be completed.

As such, the company, Dean Fa Food Co, as well as the latter’s shareholders have mutually agreed to terminate the SPA.

Apart from the professional fees and other expenses related to the acquisition that were already incurred, the termination will have no financial material impact on PSC Corporation’s results for the FY2022 ending Dec 31.

Shares in PSC closed 0.5 cent higher or 1.39% up at 36.5 cents on Oct 14.

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