2nd May 2018 18:25
LONDON (Alliance News) - Genomics firm Horizon Discovery Group PLC on Wednesday confirmed it had rejected an unsolicited and "highly conditional" proposal from Abcam PLC.
The life science e-commerce company Abcam said earlier in the afternoon Horizon had rejected a proposal worth 181.00 pence per Horizon share, valuing it at GBP270.0 million.
The proposal price represented an approximate 26% premium compared to Horizon's closing share price of 144.00p on Tuesday, Abcam said.
However, Horizon said it was just a 9.9% premium to its three month volume-weighted share price of 165.00p to the start of May and a 1.5% discount to its six month volume-weighted price of 184.00p to the same time.
Having met with Abcam representatives, it added, it believes there is little strategic rationale for a combination and is highly confident on the group's existing prospects.
Results for the 2017, Horizon also said, will be released on Tuesday next week and it said trading is meeting expectations.
Shares in Horizon closed 31% higher at 190.00p per share on Wednesday, while Abcam shares closed up 2.6% at 1,248.00p each.
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