(RTTNews) - IT solutions provider Instem Plc (INS.L) announced Wednesday that it has agreed to be acquired by Ichor Management Ltd., controlled by funds managed by investment firm ARCHIMED, in approximately 203 million pounds deal.
It is intended that the acquisition will be implemented by way of a scheme of arrangement.
Under the terms of the recommended cash offer, each Instem Shareholder will be entitled to receive 833 pence in cash per Instem Share.
The acquisition price represents a premium of around 41 percent to the closing price of 590 pence per Instem Share on August 29, being the last business day prior to the announcement. It also represents a premium of 35 percent to the volume weighted average price per Instem Share during the three month period ended August 29.
The acquisition is currently expected to complete during the fourth quarter of 2023, subject to the satisfaction or waiver of the conditions.
Instem Directors have already received and rejected a series of unsolicited proposals from ARCHIMED, with the first approach made in March 2023.
Instem provides workflow, data and IT solutions across the drug development lifecycle to the global life sciences market.
Instem Directors consider the terms of the acquisition to be fair and reasonable, and intend to recommend unanimously that the Instem Shareholders vote in favour of the deal.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
