Volpara shareholder meeting to be held on April 12, 2024: Culminating the acquisition journey for Lunit, finalization set for May
SEOUL, South Korea, March 13, 2024 -- Lunit (KRX:328130.KQ), a leading provider of AI-powered solutions for cancer diagnostics and therapeutics, today announced a significant update on its acquisition of Volpara Health Technologies (Volpara; ASX:VHT). An initial order from the High Court of New Zealand has been granted, and all necessary consents under New Zealand's Overseas Investment Act and Overseas Investment Regulations have been secured to facilitate the implementation of the Scheme. The initial order signals approval and mandates the upcoming shareholder meeting as the next step.
The Scheme, which involves Lunit acquiring all of Volpara's shares at a price of AUD 1.15 (USD 0.76) per share, is now set to progress to a shareholder meeting. Volpara shareholders are invited to attend the Scheme meeting scheduled for April 12, 2024. During this meeting, shareholders will cast their votes on the proposed acquisition.
At a glance
- Company
- Lunit
- Ticker
- KRX: 328130.KQ
- Announcement
- Acquisition
- Location
- Seoul, South Korea
Key figures
- Proposed price per Volpara share
- AUD 1.15 (USD 0.76)
- Shares covered by the acquisition
- 254 million shares
- Stated deal value
- about AUD 292 million (USD 193 million)
- U.S. medical sites using Volpara mammography solutions
- over 2,000
- Volpara mammography image repository
- over 100 million
People
- Brandon SuhCEO of Lunit
Products and programs
Should Volpara shareholders endorse the Scheme, Lunit will proceed to acquire the entire shareholding at the agreed price. This acquisition encompasses a total of 254 million shares, amounting to a substantial deal valued at about AUD 292 million (USD 193 million). The takeover is expected to be finalized by May 2024, marking a pivotal moment in Lunit's global expansion and commitment to conquer cancer through AI.
"We're pleased to announce the High Court's approval, a significant step in our remarkable journey. As we approach the final stage where Volpara's shareholders will cast their votes, I would also like to share that our funding for this acquisition is progressing seamlessly, ensuring everything is on track," said Brandon Suh, CEO of Lunit. "We are confident that the synergies between Lunit and Volpara will create a powerful force in advancing AI-driven solutions for the benefit of cancer care professionals and patients worldwide."
The acquisition is poised to position Lunit as a leading force in the American market, leveraging Volpara's mammography solutions operational in over 2,000 U.S. medical sites. Additionally, Volpara's repository of over 100 million high-quality mammography images significantly contributes to enhancing Lunit's AI-powered solutions and laying the foundation for the development of autonomous AI models in the future.
To delve deeper into Lunit's strategic plan for acquiring Volpara, please refer to our earlier announcement.
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In brief
Lunit says it has received an initial order from New Zealand’s High Court and secured required overseas investment consents for its proposed acquisition of Volpara Health Technologies. The court order enables the next step: a Volpara shareholder meeting scheduled for April 12, 2024, where investors will vote on the Scheme. If approved, Lunit would acquire all Volpara shares for AUD 1.15 (USD 0.76) each. The company says the transaction covers 254 million shares and is valued at about AUD 292 million (USD 193 million), with completion expected by May 2024. Lunit CEO Brandon Suh said funding was progressing and described the acquisition as a way to expand the company’s presence in the U.S. and build on Volpara’s mammography solutions and image repository.
Key takeaways
- New Zealand’s High Court issued an initial order, and required overseas investment consents have been secured.
- Volpara shareholders are scheduled to vote on the proposed acquisition on April 12, 2024.
- Lunit proposes to acquire all Volpara shares for AUD 1.15 (USD 0.76) per share.
- Lunit says the deal covers 254 million shares and is expected to close by May 2024.
Earlier from Lunit
- Lunit Expands AI Medical Imaging Solutions in East & Southeast Asia: Partners with Chung Shan Medical University and Gleneagles Hospital Singapore
- Lunit Presents Seven Study Results at ECR 2024: Showcasing AI's Robust Performance in Diverse Clinical Settings
- New Study Demonstrates Predictive Value of Lunit SCOPE IO to Predict Outcomes of Immune Checkpoint Inhibitor Therapy Across Diverse Tumors - published in the JITC
- Lunit INSIGHT CXR Excels in Long Nodule Detection - Exceptional Performance in Head-to-Head Study published in Radiology
- Lunit AI Solutions to Power Samsung's X-ray Devices for Advanced Chest Screening
