MAYNE Pharma Group has announced that its shareholders have voted overwhelmingly in favour of the company's $672 million proposed acquisition by US company Cosette Pharmaceuticals (PD 21 Feb) at a shareholder meeting yesterday.
Over 99% of the votes cast were in favour of the acquisition, with over 89% over those present and voting in the meeting in favour.
However, the deal hangs in the balance as Cosette is threatening to abandon its takeover bid for the Mayne, citing "material adverse change" after weaker-than-expected earnings guidance.
Cosette has also pointed to a possible US regulatory issue with one of Mayne's key products, Nextstellis contraceptive pill, with the FDA flagging misleading claims about its risks.
Having issued two termination notices in an attempt to reneg on the deal, Cosette is set to defend its attempt to terminate the takeover in the NSW Supreme Court on 09 Sep.
"Subject to Mayne Pharma successfully challenging Cosette's purported termination of the Scheme Implementation Deed, Mayne Pharma will seek orders from the Supreme Court of New South Wales for the approval of the Scheme at the second court hearing, currently scheduled for 9:15am (Sydney time) on Thu, 18 Sep 2025," said the Mayne Board of Directors in an ASX release.
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