Aspen lowers Sigma offer
July 7, 2010
SOUTH Africa’s Aspen
Pharmacare this morning confirmed
a formal takeover proposal for
Sigma Pharmaceuticals - but at
55c per share - about 8% lower
than its original indicative approach.
The proposal (PD breaking news)
is subject to 11 conditions including
an extension of the current
exclusivity arrangements to 02 Aug,
provision of finance for the deal,
ongoing lending arrangements for
Sigma, shareholder and court
approval for a scheme of
arrangement, and no material
adverse change from 30 Jun.
The Sigma board issued a
statement saying it was considering
the proposal, and recommended
that shareholders take no action at
this stage.
“Sigma expects to make a further
announcement in relation to the
proposal in due course,” the
directors said.
The news saw Sigma’s shares
surge by more than 10% to 45c
each, indicating that while investors
see the proposal as a positive step
they’re still cautious about whether
the takeover will proceed.
Aspen has been looking at Sigma
for more than five weeks now.
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