22nd Jan 2020 14:31
(Alliance News) - Sweden's Recipharm AB on Wednesday said it acquired roughly 10% of shares in London-listed medical devices maker Consort Medical PLC, the object of an agreed GBP505 million takeover offer.
Recipharm on Wednesday purchased 9.9% of Consort's stock, just shy of 4.9 million shares, at 1,010 pence each, about GBP49.3 million in total.
The 1,010p price is in line with Recipharm's valuation of Consort shares in November, when the takeover was agreed.
In a second transaction, it purchased 118,563 Consort shares, a 0.2% stake, at 1,000p, GBP1.2 million in total.
Consort shares were flat at 1,010.00p each in London on Wednesday afternoon.
Under the agreed GBP505 million takeover offer, Recipharm will pay 1,010 pence in cash for each Consort share. The proposed deal implies an enterprise value of GBP627 million for Consort.
Though Recipharm in November said it may reduce its acquisition consideration if any dividend or other distribution is made by the Hemel Hempstead-based company, Consort said.
Recipharm on Wednesday said its offer remains open to acceptances until Thursday afternoon.
Last Tuesday, the company said German regulators approved the takeover, though the offer still needs the consent from competition regulators in Ireland.
By Eric Cunha; [email protected]
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