Solvay Group holds 93.1% of Innogenetics shares
Offer on Innogenetics shares is extended from 22 October to 12 November
Solvay Pharmaceuticals S.A., a subsidiary of the Solvay Group announced that it will acquire 2,714,371 additional shares of Innogenetics N.V. in a cash transaction valued at EUR 6.5 per share, representing EUR 200.7 million for 100% of the Innogenetics shares. The shares were offered to Solvay Pharmaceuticals during the second offer period for Innogenetics, which ran from 23 September to 14 October 2008.
After closing of the offer, which is expected on 20 October, Solvay Group will hold 93.1% of the Innogenetics shares, the participation of 9.68% which Solvay Group held prior to the offer included. In accordance with Belgian law, the offer for Innogenetics shares will be reopened from 22 October to 12 November 2008.
“We are extremely pleased with the positive response of the Innogenetics shareholders during the second offer period. The reopening will provide the possibility for the remaining Innogenetics shareholders to take advantage of our offer”, said Werner Cautreels, CEO of Solvay Pharmaceuticals. “In the mean time, we will expedite the closing procedure of the transaction, in order to be able to implement rapidly our dual strategy : expansion of Innogenetics’ diagnostics business and leverage of both companies’ R&D competencies to accelerate the development of Solvay’s therapeutic pipeline through the implementation of biomarker, diagnostics and eventually companion diagnostics technologies”, he added.
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