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Home Industry News Stiefel Laboratories announces offer for Barrier Therapeutics

Stiefel Laboratories announces offer for Barrier Therapeutics

9th July 2008

Stiefel Laboratories has initiated a cash tender offer for all the outstanding shares of common stock in Barrier Therapeutics via its wholly-owned subsidiary Bengal Acquisition.

The firm has made a net cash offer of $4.15 (2.10 pounds) per share, pursuant to a previously announced definitive merger agreement dated June 23rd 2008 between Barrier Therapeutics, Bengal Acquisition and itself.

Stiefel said the offer is not subject to any financing condition.

“The board of directors of Barrier Therapeutics duly determined that it is in the best interests of Barrier Therapeutics and its stockholders and declared it advisable to enter into the merger agreement,” Stiefel said.

The board of Barrier Therapeutics also approved the execution, delivery and performance of the merger agreement and resolved to recommend the acceptance of the offer by shareholders in the company.

The offer will expire at midnight on August 4th 2008, or at a later time if the offer is extended according to the terms of the merger agreement.

Last month, Stiefel said the acquisition underlined the company’s dedication to progressing the field of therapeutic dermatology.

It noted that its offer of $148 million for the company represented a premium of around 73 per cent on the average closing price of the stock during the previous month.

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