(Alliance News) - Horizon Discovery Group PLC's shares more than doubled on Monday after the cell engineering company agreed to a GBP296 million takeover by US life sciences firm PerkinElmer Inc.
The deal values Horizon shares at 185 pence, a hefty premium to its 88.80p closing price on Friday.
Horizon Discovery shares jumped to 186.99p each in London on Monday afternoon.
Not only is the 185p offer a sharp premium to Horizon's Friday closing price, it also is a 95% premium to its three-month weighted average price.
"The acquisition represents a compelling opportunity for Horizon shareholders to realise the full value of their investment in cash at a substantial upfront premium to the prevailing share price of the Horizon Shares," the two companies said in a statement.
Including from Horizon's directors, PerkinElmer has received the support of 21% of Horizon shareholders so far.
By Eric Cunha; ericcunha@alliancenews.com
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