Scottish-based pharmaceutical company ProStrakan Group plc has accepted a 130p per share cash offer from Japan's Kyowa Hakko Kirin Co., valuing the group at around £292m.The price represents a premium of about 41% to ProStrakan's closing price on November 12 before the offer period started and 100% to the volume-weighted average closing price over the previous six months.
ProStrakan's board has unanimously decided to recommend the offer.
Chairman and acting CEO Peter Allen said, 'The fit between ProStrakan and KHK is unmistakeable in terms of products, geography and infrastructure and we believe that the price being offered by KHK fully values ProStrakan's ongoing growth prospects.
'We are enthused by KHK's plans for the business and, in particular, with its intentions regarding ProStrakan's infrastructure in Europe and the US.'
ProStrakan had received a number of approaches with varying levels of conditionality and had been evaluating these over the last few months.
Monday, February 21, 2011
ProStrakan sold
via moneyam.com
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