(Alliance News) - Recipharm Holdings Ltd's GBP505 million offer for Consort Medical PLC was declared unconditional as to acceptances by the Monday offer deadline.
Recipharm Holdings is a wholly-owned subsidiary of Recipharm AB and offered 1,010 pence in cash for each Consort share. It has received acceptances from 30.9 million shares, equivalent to 63% of Consort's share capital.
Consort shares closed flat in London on Tuesday at 1,010.00p each.
Including its own holding, and irrevocable undertakings given by Consort directors to accept the bid, Recipharm owned or had received valid acceptances accounting for 35.9 million Consort shares or a 73% stake.
Recipharm has, therefore, opted to cut its acceptance condition under the offer to 70% from 90% and all other conditions are considered to be either satisfied or waived. This makes the offer unconditional in all respects. It will remain open for acceptances until February 18.
Consequently, Consort's directors have resigned and Thomas Eldered and Mark Quick have been made executive directors of the Consort board, with Eldered as chair. Quick will become Consort's chief executive on Wednesday.
By Anna Farley; annafarley@alliancenews.com
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