Japan's AGC launches bid for Italian biotech firm Molmed (updated)
17/03/2020 09:30
(Adds detail, shares)
MILAN, March 17 (Reuters) - Japan's AGC 5201.T has
launched a takeover bid on the whole of Italian biotech company
Molmed MLMD.MI in a deal worth up to 240 million euros ($267
million), AGC said on Tuesday.
In its bid document the Japanese conglomerate said it was
offering 0.518 euros per Molmed share, the equivalent of a
premium of 110.3% compared to the stock's closing price on March
16.
AGC, which controls biopharmaceutical unit AGC Biologics,
said Fininvest, the holding company of the family of former
Prime Minister Silvio Berlusconi, had agreed to tender its 23%
stake in Molmed.
The aim of the bid is to delist Molmed, AGC said.
It said the offer was conditional on at least 66.667% of
Molmed shares being tendered as well as a series of other events
including unexpected impacts on the company from the coronavirus
outbreak.
At 0855 GMT Molmed shares were halted from trade, indicated
up 72% at 0.446 euros.
($1 = 0.8973 euros)
(Reporting by Stephen Jewkes, editing by Louise Heavens)
((stephen.jewkes@thomsonreuters.com; +39.0266129695; Reuters
Messaging: stephen.jewkes.thomsonreuters.com@reuters.net))