News: Vision Eye Institute offered $1.10 per share from Jangho Group Co

Vision Eye Institute (ASX:VEI) directors have backed a takeover bid from Jangho Group Co (SHA:601886) at $1.10 to acquire all the outstanding voting shares in Vision that it does not already own.

The $1.10 is a 64% premium to the one month volume weighted average price of $0.67, and value the company at a touch over $200 million.

Jangho presently holds a 19.99% stake in Vision.

This offer trumps the existing bid from Pulse Health (ASX:PHG).

The Jangho offer is not subject to any funding conditions or any regulatory approvals, including FIRB.