Bayer HealthCare to complete takeover of Conceptus

Bayer HealthCare is to take control of birth control specialist Conceptus after the Bayer group completed a tender offer for its outstanding shares.

The firm now intends to exercise its top-up option, resulting in Bayer owning more than 90 percent of Conceptus' shares and allowing it to gain full ownership without convening a general meeting of Conceptus stockholders.

Amounting to approximately $1.1 billion (708.89 million pounds), the transaction would give Bayer control over a business that is best known for the development of Essure, a non-surgical permanent birth control method.

Bayer will be able to offer a broader range of short-term, long-term and permanent contraceptive choices for women following the completion of the deal.

Dr Marijn Dekkers, chief executive officer of Bayer, said: "We are pleased with Conceptus stockholders' positive response to our offer. It demonstrates the outstanding perspectives opened up by this acquisition project."

This comes after the firm announced the takeover of the herbal medicines specialist Steigerwald Arzneimittelwerk last month.