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5 Years : From May 2011 to May 2016
RNS Number : 8522E
07 June 2012
For immediate release 7 June 2012
("ANGLE" or "the Company")
UPDATE RE NOVOCELLUS' PARTNER ORIGIO A/S ("ORIGIO")
ANGLE plc (AIM: AGL), the technology commercialisation company, notes that Novocellus' partner, ORIGIO, has received an offer from Cooper Companies, Inc ("Cooper").
ANGLE notes that ORIGIO's board of directors has recommended the offer, under which Cooper has made a cash offer to buy all the shares of ORIGIO, at a total purchase price of approximately US$189 million including debt. ORIGIO's board members and executive management team along with certain shareholders, together holding approximately 46% of ORIGIO's issued share capital, are supporting the offer and have signed irrevocable undertakings to tender their shares.
The offer for ORIGIO's shares represents a premium of 73% compared with the closing price on 1 June 2012, the last trading day prior to the public announcement of the decision to make the offer.
The combined business will, according to Cooper's investor presentation, be ranked number one in the IVF market with a 39% market share.
In its announcement of the offer, ORIGIO stated:
"Cooper and ORIGIO share the vision of delivering life-changing products to the global markets. Cooper therefore wishes to ensure that ORIGIO maintains and develops its leading market position. Consequently, if the offer is completed, ORIGIO will - besides continuing under the same executive management team and name - remain headquartered in Denmark, and continue its business as an indirect wholly-owned subsidiary of Cooper.
"The new ownership is expected to open up new growth opportunities for ORIGIO, thereby supporting recent years' strong development of ORIGIO."
ANGLE's Founder and Chief Executive, Andrew Newland, commented:
"It is pleasing to note that a business as substantial as Cooper has recognised the opportunities in the IVF sector, where innovations such as the Novocellus EmbryoSure(R) IVF embryo viability product have the potential to transform the market. We look forward to continuing our relationship with ORIGIO under new or existing ownership."
For further information:
ANGLE plc 01483 685830
Andrew Newland, Chief Executive
Ian Griffiths, Finance Director
Stephen Keys, Adrian Hargrave (Nominated
Andy Roberts (Sales) 020 7397 8900
Mark Court, Sophie Cowles 020 7466 5000
Stephen Scott, Harry Dee 0207 653 0030
About ORIGIO a/s
ORIGIO a/s is a world leader in Assisted Reproductive Technology (ART) solutions. Through research and innovation, ORIGIO aims to provide the best products to ART professionals to help the #1 dream of every infertile couple come true. ORIGIO currently comprises the five product families, MediCult Media, Humagen Pipets, MidAtlantic Devices, ORIGIO ScanLab Equipment and Artworks Solutions that cater for the broadest range of ART requirements. The medtech company ORIGIO, which is headquartered in Malov, Denmark, and has subsidiaries in 12 countries, is listed on the Oslo Stock Exchange under the symbol, ORO. For further information, please visit www.origio.com.
About Cooper Companies, Inc.
The Cooper Companies, Inc. is a global medical device company publicly traded on the NYSE Euronext (NYSE:COO). Cooper is dedicated to being A Quality of Life Company(TM) with a focus on delivering shareholder value. Cooper operates through two business units, CooperVision and CooperSurgical.
CooperVision brings a refreshing perspective on vision care with a commitment to crafting a wide range of high-quality products for contact lens wearers and providing focused practitioner support. CooperSurgical focuses on supplying women's health clinicians with market leading products and treatment options to improve the delivery of healthcare to women.
Headquartered in Pleasanton, CA, Cooper has over 7,000 employees with products sold in over 100 countries. For more information, please visit www.coopercos.com.
This information is provided by RNS
The company news service from the London Stock Exchange