Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 279

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 279
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AC M&A Committee asked questions of counsel and management and following such conversation, members of management of BLAC departed the meeting and the BLAC M&A Committee discussed the proposed Amended and Restated Business Combination Agreement. The BLAC M&A Committee noted that on July 7, 2023, OSR Holdings entered into a letter of intent with LBV for the acquisition of 100% of the equity interests in LBV and certain entities affiliated with LBV from the holders thereof. The BLAC M&A Committee further noted that, subsequent to the execution of the Business Combination Agreement, on March 18, 2024, LBV and OSR Holdings mutually terminated the letter of intent regarding the LBV Acquisition, and OSR Holdings and LBV abandoned further discussions regarding the LBV Acquisition. The BLAC M&A Committee acknowledged that, in light of the termination of the proposed LBV Acquisition, the terms of the Business Combination Agreement need to be amended in order to remove references therein to LBV and to conform changes to the structure and terms of the Business Combination. The BLAC M&A Committee further acknowledged that BLAC’s management actively negotiated with OSR Holdings the terms and conditions of an Amended and Restated Business Combination Agreement. The members of the BLAC M&A Committee confirmed that they reviewed the draft Amended and Restated Business Combination Agreement, and the amended terms of the Business Combination and the transactions contemplated thereby, including: (i) the removal of references to the proposed acquisition by OSR Holdings of LBV, and incidental changes related thereto; (ii) a reduction in the Aggregate Consideration from 25,033,961shares of BLAC Common Stock to 24,461,214shares of BLAC Common Stock; (iii) a reduction in the Aggregate Consideration Value from $250,339,610 to $244,612,136; and (iv) changes to the designation of the post -closingboard of directors of BLAC. The BLAC M&A Committee considered that the removal of the potential benefits of the LBV acquisition warranted a reduction to the Aggregate Consideration due to the loss of the potential upside of including additional clinical programs and product opportunities represented by the LBV portfolio. The price reduction was not based on any valuation methodology attributable to LBV, but rather negotiations between the BLAC M&A Committee and OSR Holdings as to what constituted a mutually acceptable adjustment. Given the subjective nature of determining the value of the proposed acquisition of LBV by OSR Holdings within the context of the Business