27th Mar 2018 17:05
LONDON (Alliance News) - Plant Impact PLC said Tuesday the court has sanctioned its takeover by Croda Europe Ltd, a subsidiary of Croda International PLC.
Plant Impact shares will be suspended on Wednesday, pending cancellation by Thursday.
Plant Impact said in mid-February it had received a GBP10.0 million all-cash takeover offer at a significant premium. Croda Europe offered 10.57 pence per share for the AIM-listed firm, representing a 80% premium to its share price at market close the day before the announcement of 5.875p.
The deal follows Plant Impact entering a formal sale process in mid December 2017. This was after the crop enhancement research firm had experienced the deterioration in a key contract in Brazil with Bayer CropScience - part of Bayer AG - to market Plant Impact's Veritas product in the country which was agreed in July 2017.
Plant Impact shares were up 0.1% at the close on Tuesday at 10.41p each. Croda ended up 1.9% at 4,507.00 pence.
