(Alliance News) - Verseon Corp said Friday it will buy back up to 21.4 million shares, about 13% of its total outstanding, in the tender offer announced on Wednesday.
Verseon said on Wednesday it planned to repurchase shares and then cancel admission to London's junior AIM market, prompting its shares to drop more than 70% to 1.50 pence apiece.
On Friday, the clinical-stage pharmaceutical firm said the tender offer will be at the price of 1.56p. The stock closed Friday at 1.60p. It started the year at 100.50p.
By Tom Waite; thomaslwaite@alliancenews.com
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