28th Aug 2018 17:29
LONDON (Alliance News) - Sinclair Pharma PLC said Tuesday it has entered into a possible offer agreement with Huadong Medicine Aesthetics Investment Ltd.
The terms of the offer would see Huadong, a wholly-owned subsidiary of Huadong Medicine Co Ltd, pay 32 pence per share for Sinclair's entire issued capital. This price is a 91.3% premium to Sinclair's 18.3p closing price on its previous August 24 close.
Shares in Sinclair closed up 1.3% at 20.05p on Tuesday, with 32p representing a 60% premium.
As of August 24, Sinclair had 503.8 million shares in issue, meaning that Huadong's offer valued the company at GBP161.2 million.
This is not a firm offer under AIM terms and, as such, the offer deadline has been extended to October 5. A number of weekly extensions had been granted, but this new deadline has been extended to allow the companies to satisfy any conditions of the sale.
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