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Home Industry News Solvay to increase Innogenetics offer

Solvay to increase Innogenetics offer

10th July 2008

Solvay Pharmaceuticals, a subsidiary of Solvay, has announced plans to increase its initial conditional offer for Innogenetics.

The company is now offering 6.50 euros (5.16 pounds) per share in the company, up from its initial offer of 5.75 euros per share tendered on April 25th 2008.

Solvay confirmed that another bidder tabled a counter bid for Innogenetics on June 3rd 2008.

The proposed takeover is subject to an acceptance threshold of at least 75 per cent and no material adverse change in relation to Innogenetics that results in a loss of more than ten million euros.

It is expected to close in the second half of this year.

“With Solvay’s new offer, the transaction value is 200.7 million euros for 100 per cent of the outstanding shares,” the company said.

It added that this sum represents a 74 per cent premium over the closing price of the firm the day before the announcement of the initial offer for the firm and a 61 per cent premium over the volume-weighted average prices in the preceding month.

In May 2008, Solvay joined Capricorn Cleantech Fund, a venture capital fund aimed at supporting early and development-stage investments in clean-based technology growth.

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