14th Jan 2019 13:12
LONDON (Alliance News) - Bioquell PLC said Monday its GBP140.5 million takeover by US water, hygiene and energy technology giant Ecolab Inc has received a court order approving the acquisition.
Bioquell said the takeover remains conditional on the delivery of a copy of the court order to the Registrar of Companies, which is expected January 16.
Shares in Bioquell will be cancelled from London's Main Market on January 17. Shares were down 0.8% Monday at 580.26 pence each.
At the end of November, British decontamination solutions provider Bioquell agreed to the "fair and reasonable" offer from Ecolab, in which Microsoft founder Bill Gates holds a 12% stake.
Under the terms of the offer, Bioquell shareholders will receive 590 pence per share in cash. The price represents a premium of 40% to Bioquell's closing price of 420p on the day before the offer.
At the time, Bioquell Chair Ian Johnson said: "As part of Ecolab, Bioquell will be able to drive faster strategic growth in both life sciences and healthcare markets leveraging Ecolab's extensive global footprint."