Alliance Pharma To Be Acquired By Aegros Bidco In Deal Worth GBP 362 Mln

(RTTNews) - Alliance Pharma Plc. (APH.L), a pharmaceutical products manufacturer, Monday announced board approval for an agreement to be acquired by Aegros Bidco Ltd. in a cash deal worth GBP 362 mln.

As per the agreement, Bidco will acquire all Alliance shares, except those held by DBAY Advisors Ltd. managed funds or companies. The Acquisition will be implemented by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act and the deal is expected to be completed in the first half of 2025.

Under the final increased cash offer, each eligible Alliance shareholder will receive 64.75 pence per share, valuing the company at approximately GBP 362 million.

The offer is 3.6 percent higher than the original 62.5 pence offer and represents a 46 percent premium to the January 9, 2025 closing price.

Alliance said the final price is 120.6 percent higher than the May 8, 2024 price before DBAY's initial approach and 70.6 percent above the 12-month average price before the offer period began.

The final cash offer will be fully funded through investments from DBAY Affiliates and the ERES IV Fund, along with loans from third-party lenders. Some lenders will also receive shares in Midco after the deal is completed, making up no more than 4.7 percent of its total shares.

The financial terms of the final cash offer will not change unless Bidco decides to increase it if a third party makes an offer for Alliance or if the Panel grants approval in exceptional cases.

If Alliance announces or pays any dividends or other returns of value before the deal is completed, Bidco will reduce the offer price by the same amount. This adjustment will be announced but will not change the deal terms. Shareholders will still keep any dividends or payments they receive.

Alliance is currently trading, 2.24% higher at 63.90 pence on the London Stock Exchange.