(Alliance News) - Medical devices maker Consort Medical PLC said Friday that Swedish peer Recipharm AB has extended the deadline for its GBP505 million acquisition offer to January 23.
The offer was first announced in November 2019, under which a unit of Recipharm will pay 1,010 pence in cash for each Consort share, representing a premium of 39% to Consort's closing stock price of 726p, the day before the announcement.
The proposed deal implies an enterprise value of GBP627 million for Consort.
So far, Recipharm has received irrevocable undertakings to accept its offer from 11.9 million Consort shares, representing 24% of the company's entire existing share capital.
The acquisition remains conditional on gaining valid acceptances from at least 90% of Consort shareholders, as well as antitrust approval.
Shares in Consort Medical - which is based in Hemel Hempstead - were up 0.5% at 1,040.00 pence on Friday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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