(Alliance News) - Integumen PLC on Friday said it has secured approval to extend the deadline for publication of the offer document in relation to its all-share acquisition of Modern Water PLC.
In August, the York-based skin product test services company said it had agreed terms for the acquisition of Modern Water PLC in an all-share deal that values the London-based wastewater firm at around GBP21.3 million.
Shares in Integumen were trading 13% lower at 34.78 pence each on Friday morning in London, giving the company a market capitalisation of GBP39.1 million. Modern Water shares were 16% lower at 3.24 pence, for a GBP17.0 million market cap.
The acquisition deal will see every 10 existing Integumen shares consolidated into 1 new Integumen share. After the consolidation, Modern Water shareholders will receive 1 new Integumen share for each 10 Modern Water shares. The merged company will be renamed DeepVerge PLC.
Under Rule 24.1 of the City Code on Takeovers and Mergers, the offer document - which contains further information about the offer and the form of acceptance - are required to be published within 28 days of the firm intention to make an offer, which in this case, sets the deadline to Friday today.
However, with the agreement of Modern Water directors, Integumen has sought and been granted approval to extend the date to October 9.
By Ife Taiwo; ifetaiwo@alliancenews.com
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