Strides to buy Ascent

December 23, 2010

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.

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Pharmacy Daily | Strides to buy Ascent

Strides to buy Ascent

Other recent headlines

Mayne pushes Sun Pharma

Unscripted alcohol debate

LTR secures millions in capital raise

SEARCH PHARMACY DAILY

Featured video

Recent issues

INDUSTRY JOB VACANCIES