10th Oct 2018 12:26
LONDON (Alliance News) - Shares in Vernalis PLC were temporarily suspended from trading on AIM on Wednesday as requested by the company pending an announcement.
Last week, the pharmaceutical company's shareholders approved its acquisition by Ligand Holdings UK, with 95% of votes cast in favour.
Ligand will pay GBP32.7 million, or 6.2 pence per Vernalis share. Ligand is to fund the acquisition, which is being effected by means of a court-sanctioned scheme of arrangement, through existing cash reserves.