Inverness Medical (IMA) Offers to Acquire Outstanding Shares of Concateno plc
Inverness Medical Innovations (NYSE: IMA) and Concateno plc today announced that they have reached agreement on a proposal for Inverness to acquire all of Concateno's outstanding share capital. Concateno, located in London, England, is a leading European supplier of drugs of abuse testing products and services with 2008 revenues of approximately 47.5 million pounds Sterling (or approximately $76 million). Concateno is quoted on the AIM market of the London Stock Exchange.
The acquisition is expected to be implemented by way of a court-approved scheme of arrangement under Part 26 of the United Kingdom Companies Act 2006. The scheme of arrangement is subject to approval by the shareholders of Concateno and sanction of the High Court of Justice in England and Wales as well as other customary conditions. If approved the acquisition would be expected to become effective during the third quarter of 2009.
Under the proposed terms of the acquisition, each holder of Concateno shares will receive, for each Concateno share, 79 pence in cash and 0.02 shares of Inverness' common stock, based on Inverness' closing price per common share on the New York Stock Exchange on June 4, 2009 of $34.00 and applying an exchange rate of 1.00 pound:$1.61, for a total implied value per Concateno share of 121.24 pence. Based on information supplied by Concateno, there are approximately 103.2 million Concateno shares currently issued and outstanding after consideration of certain shares which will be repurchased by Concateno for nominal consideration and cancelled as a result of the transaction.
The acquisition is expected to be implemented by way of a court-approved scheme of arrangement under Part 26 of the United Kingdom Companies Act 2006. The scheme of arrangement is subject to approval by the shareholders of Concateno and sanction of the High Court of Justice in England and Wales as well as other customary conditions. If approved the acquisition would be expected to become effective during the third quarter of 2009.
Under the proposed terms of the acquisition, each holder of Concateno shares will receive, for each Concateno share, 79 pence in cash and 0.02 shares of Inverness' common stock, based on Inverness' closing price per common share on the New York Stock Exchange on June 4, 2009 of $34.00 and applying an exchange rate of 1.00 pound:$1.61, for a total implied value per Concateno share of 121.24 pence. Based on information supplied by Concateno, there are approximately 103.2 million Concateno shares currently issued and outstanding after consideration of certain shares which will be repurchased by Concateno for nominal consideration and cancelled as a result of the transaction.
You May Also Be Interested In
- DealReporter Says Monster Worldwide (MWW) Not Getting Much Attention from PE Firms
- Atlas Resource Partners (ARP) to Acquire $184M of Proved Reserves from Titan Operating in All-Units Deal
- AbitibiBowater (ABH) Acquires Additional 4.76M Fibrek Shares
Create E-mail Alert Related Categories
Mergers and AcquisitionsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
