M&A news : Big biotech company, Emergent BioSolutions will acquire Cangene in an all-cash transaction valued at US$222 million.
Under the terms of the agreement, which has been approved by the Boards of Directors of both companies, Cangene shareholders will receive US$3.24 per share ( C$3.44 per share) in cash.
The purchase price represents a premium of approximately 27% to Cangene's closing stock price of C$2.70 on December 10, 2013 and 45% to Cangene's 90-day volume weighted average stock price.
The acquisition will be implemented through a court-approved Plan of Arrangement under Canadian law and is subject to the approval of Cangene common shareholders, court approval and U.S. regulatory approvals and other customary closing conditions.
The transaction is expected to be completed in the first calendar quarter of 2014.
The acquisition will be implemented through a Plan of Arrangement under Canadian law and is subject to a number of customary conditions including, but not limited to, the approval of at least 66 and 2/3% of the votes cast in person or by proxy by Cangene common shareholders at a special meeting of Cangene's common shareholders, as well as court and regulatory approvals.
The terms and conditions of the M&A news and additional details of the transaction will be summarized in Cangene's management information circular, which is expected to be filed and mailed to Cangene's shareholders in early January.
A copy of the arrangement agreement will be filed on Cangene's SEDAR profile and will be available for viewing at www.sedar.com.
For further deal information visit Current Agreements (subscription required)
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