STRIDES Arcolab Limited has
entered into an agreement with
Ascent Pharmaceuticals to purchase
the outstanding minority shares in
Ascent via a Scheme of
Arrangement.
The new Strides Scheme will see
shareholders receive $0.40 in cash
per share, valuing the total issued
shares at $100m.
The offer is a 14% increase on
Strides previous proposal of $0.35
per share, tendered on 16 March.
Ascent called a halt to trading
yesterday telling authorities that it
wanted the market to be able to
trade on a “fully informed basis”
when it recommenced on its
requested date of 24 December.
The proposed acquisition is now
subject to shareholder approval (at
shareholder meeting in April 2011),
as well as ASIC and Court approval.
MEANWHILE Ascent has also said
it expects to report full-year gross
earnings between $17.5- $18m.The above article was sent to subscribers in Pharmacy Daily's issue from 23 Dec 10 To see the full newsletter, see the embedded issue below or CLICK HERE to download Pharmacy Daily from 23 Dec 10
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