During July 2017, Ncondezi received Letters of Interest from several potential strategic parties, which has allowed the company to narrow the process down to a smaller select group for the second phase.
For the second phase of the process, potential partners will be expected to complete their necessary due diligence, Q&A and deal structuring work to submit non-binding offers to the company. Based on the non-binding offers received from the parties, the company will then narrow the process to a few preferred parties who will be further supported by the company to complete their detailed due diligence for submission of the binding offers.
The process is currently targeting submission of binding offers before the end of 3Q17 with transaction close during 4Q17.
