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Horizon Discovery agrees to £296m takeover offer from PerkinElmer
StockMarketWire.com
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Horizon Discovery said it had agreed to a £296 million takeover tabled by PerkinElmer.
Under the terms of the acquisition, each Horizon shareholder would receive 186p a share, representing a 108.3% premium to the company's price of 88.8p a share on 30 October.
The deal valued the company at about £296 million, implying an enterprise value of about £284 million.
The Horizon directors said they intend to recommend unanimously that shareholders back the deal, which requires court approval.
'The Horizon board believes Horizon is ready to be listed in the US and whilst this should create meaningful value for shareholders in the longer term, a combination with PerkinElmer represents an opportunity for Horizon shareholders to immediately crystallise the value of their investment in cash at a premium of 108.3% to the current share price,' the company said.
At 8:39am: (LON:HZD) Horizon Discovery Group PLC share price was +98.2p at 187p
Story provided by StockMarketWire.com
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