20th Mar 2025 16:37
(Alliance News) - NIOX Group PLC on Thursday confirmed it received a revised 81 pence per share takeover proposal from Keensight Capital SAS.
NIOX said it has evaluated the proposal and would be "minded to recommend" it to shareholders should Keensight give a firm intention to make an offer.
Shares in NIOX were up 25% at 75.80 pence in London on Thursday afternoon.
NIOX is an Oxford, England-based developer of medical devices for asthma diagnosis and management.
Responding to press speculation, NIOX said it received the proposal for the entire issued and to be issued ordinary share capital of the company from Keensight on behalf of funds managed or advised by it.
The proposal follows a previous unsolicited proposal in February at an offer price of 78 pence per share.
NIOX said discussions with Keensight are at a "preliminary stage" and there is no certainty that any offer will be made, or the terms of any such offer.
The firm said the announcement was made without the consent of Keensight.
NIOX said it has independently contacted "a limited number of potential counterparties" to see if they would put forward a proposal "that would deliver greater value to shareholders than pursuing a standalone independent strategy".
NIOX said the discussions for a private sale are at an early stage and there is no certainty around the terms of any potential offer, or if one will be made.
Keensight is required to announce a firm intention to make an offer by April 17.
By Michael Hennessey, Alliance News reporter
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