Clinique Holdings (08367) announced that after the trading session on May 10, 2024, the company and the seller signed a memorandum of understanding on the proposed acquisition of the target company. The seller is the ultimate beneficial owner of the target company. The target company is mainly engaged in the promotion, sale and provision of logistics services for alcohol products. It is a professional online-to-offline integrated operation company and alcohol industry innovation company for the alcohol market.
According to the MOU, the seller must not directly or indirectly negotiate or agree with any other party on the proposed acquisition, or do anything inconsistent with the proposed acquisition, and a 180-day memorandum of understanding from the date of the agreement.
The MOU does not create legally binding obligations on the parties with respect to the proposed acquisition, but it is legally binding on the terms relating to the exclusivity period and confidentiality. The proposed acquisition must be negotiated and signed by both parties before a formal sale and sale agreement is signed.
The MOU shall be terminated earlier: (i) the expiration of the exclusivity period, or (ii) the execution of a formal sale and sale agreement in connection with the proposed acquisition, or (iii) a written notice of termination not less than 7 days for either party to provide the other party with a memorandum of understanding.