Winner Medical and Winner Holding enter merger agreement
A definitive merger agreement has been signed by Winner Medical and Winner Holding.
Winner Medical Group and Winner Holding have gone into an Agreement and Plan of Merger, following contract negotiations and business discussions between the two organisations.
Winner Medical's board of directors approved this definitive merger agreement, acting on recommendations made by a special committee of board members.
Merger and acquisition consultants helped this committee negotiate the terms and conditions of the combination.
The transaction is set to occur before the end of the third fiscal quarter of 2014 and the deal will be financed through a secured debt facility from the Hong Kong branch of DBS Bank.
Winner Medical has three joint ventures and 15 wholly-owned subsidiaries and is a leading retailer and exporter of 100 per cent cotton medical dressings and consumer products.
During the second quarter of 2012, the firm revealed its revenues hit $41.3 million (£26.6 million), which represents a 24.4 per cent growth from figures seen during the same period in 2011.
Posted by Ken Hayes
Source: Winner Medical press release, July 24th