(Sharecast News) - Speciality drugmaker Alliance Pharma has agreed to be taken private in a deal valued at more than £360.0m.
DBAY Advisors, which holds a 27% stake in Alliance Pharma, has upped its initial bid for the firm by 2.25p per share to 64.75p, a deal which has been recommended by Alliance's board.
DBAY's new offer represents a 41% premium to Alliance's closing price on 9 January and a 121% premium to the AIM-listed group's share price when DBAY first registered its interest in a potential takeover back in May last year.
Alliance executives cited a lack of access to funding as its primary reason for choosing to take the firm private.
As of 1000 GMT, Alliance Pharma shares were up 2.32% at 63.95p.
Reporting by Iain Gilbert at Sharecast.com
