(Updates with more information from Solvay)
BRUSSELS (Thomson Financial) - Belgian financial markets regulator CBFA said
pharmaceuticals group Solvay SA. has bid 6.50 euros per share for biotechnology
group Innogenetics NV.
The news confirms earlier information from a source.
Shares of Innogenetics were suspended before the market opened on Wednesday
pending information on the company, the CBFA said.
Solvay said that with its new offer, the transaction value is 200.7 million
euros for all outstanding shares in Innogenetics.
In addition, as part of its bid, Solvay will offer to purchase Innogenetics'
warrants and convertible bonds, based on the offer price.
Solvay said the proposed transaction is subject to closing conditions which
include there being no material adverse change in Innogenetics resulting in a
loss over 10 million euros and an acceptance threshold of at least 75 percent.
The group expects the proposed transaction to close in the second half of
2008. The CBFA must first approve the takeover prospectus, and then
Innogenetics' board of directors must make its position on the offer known.
Gen-Probe Inc. made a 215 million euros bid for Innogenetics at the
beginning of last month, offering 6.10 euros per share to form the world's
largest standalone molecular diagnosis company.
Solvay had offered 177.6 million euros or 5.75 euros per share at the end of
April.
simon.zekaria@thomsonreuters.com
sz/ak/sz/ak/nc/ak
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