Choi Yun Chor and Cheng Ting Kong made an offer to acquire remaining 39.8% stake in Forebase International Holdings Limited (SEHK:2310) from Ultra Harvest Limited, Magic Blazes Limited, Shen Yong, Shen Ke, Meng Qing and others for HKD 92.7 million on September 17, 2019. Under the terms of the offer, the offerors will acquire 290.2 million shares at HKD 0.3194 per share in cash and will cancel 78 million options paying HKD 0.0001 in cash as cancellation price per option. Each of the offerors will entitle to equal shares at the close of the offer. The transaction is financed through internal resources of the offerors. Red Sun Capital is satisfied that sufficient financial resources are available to the offerors to satisfy the total consideration. The offerors may consider convening a general meeting to appoint new member(s) to the Board of Forebase International Holdings if such appointment is considered to be beneficial to the future development of the Forebase International Holdings as permitted under the Takeovers Code. Such nominees are Yeung So Mui and Choi Yun Chor as new executive Directors and co-chairman of the Board, Chen Jian, Lin Junwei, Ng Kwai Wah Sunny, Tai Kwok Keung Kenny as new executive Directors, and Lai Cheuk Yu Cherrie and Ting Wong Kacee as new independent non-executive Directors. The above-mentioned change of Board composition of Forebase International Holdings Limited took effect on October 10, 2019. The offerors intend to maintain listing of Forebase International Holdings upon close of the offer. As of September 20, 2019, an Independent Board Committee has been formed by Forebase International Holdings to make a recommendation to the independent shareholders as to whether the terms of the offer are fair and reasonable and as to acceptance or not for the offer. As of November 5, 2019, the Independent Board Committee recommended the independent shareholders to accept the share offer and recommended the option holders to accept the option offer. As of October 8, 2019, offer period will close on November 5, 2019. As of November 5, 2019, offer period will close on November 19, 2019. Red Sun Capital Limited acted as financial advisor for the offerors. Gram Capital Limited has been appointed as financial advisor to the independent Board committee of Forebase International. Chanceton Capital Partners Limited acted as the financial advisor to Forebase International. Choi Yun Chor and Cheng Ting Kong completed the acquisition of an additional 9.01% stake in Forebase International Holdings Limited from Ultra Harvest Limited, Magic Blazes Limited, Shen Yong, Shen Ke, Meng Qing and others for HKD 21.7 million on November 19, 2019. As of November 19, 2019, the offer was closed with an acceptances of 67.82 million shares and 5.83 million options representing 7.474% of options outstanding. 222.34 million shares are currently held by the public, representing approximately 30.517% stake of total issued shares. Forebase International Holdings continues to satisfy the minimum public float requirement.