29th Jan 2020 11:43
(Alliance News) - Medical devices maker Consort Medical PLC on Wednesday noted Swedish AB Recipharm's announcement that it would not be extending the deadline for its GBP505 million offer, or increase the price.
The deadline for the offer remains on Tuesday next week.
In addition, Recipharm confirmed that it has received clearance for the acquisition from the Irish Competition & Consumer Protection Commission, the final competition authority approval required.
For its part, Consort Medical said it is not in discussions with any other parties regarding an alternative takeover offer and continues to recommend the offer by Recipharm.
The offer was first announced in November. A unit of Recipharm will pay 1,010 pence in cash for each Consort share, representing a premium of 39% to Consort's closing stock price of 726p, the day before the announcement.
On Friday last week, Consort Medical said Recipharm had so far received irrevocable undertakings to accept its offer from 18.6 million shares, representing 38% of Consort Medical's shares.
The acquisition remains conditional on acceptance by at least 90% of Consort shareholders.
Shares in Consort Medical - which is based in Hemel Hempstead - were down 1.9% at 1,000.25 pence on Wednesday in London.
By Dayo Laniyan; [email protected]
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