NEW YORK – French diagnostic company Theradiag announced on Friday that Biosynex has filed a voluntary takeover bid to purchase the shares of the firm it doesn't already own.
Currently, Biosynex holds 25 percent of the share capital and voting rights of Theradiag. The rapid diagnostic testing firm offered to buy the rest of Theradiag's shares for €2.30 ($2.24) per share, almost 59 percent over the closing share price of Theradiag's stock on Sept. 22, and 44 percent higher than the volume weighted average share price of the company's stock for the 60 days before the offer's filing, Theradiag said in a statement.
Theradiag noted that Biosynex doesn't intend to request the implementation of a squeeze out procedure at the end of the offer. A squeeze out procedure is a mechanism to coerce shareholders to sell their shares to an acquiring company.
Theradiag's board of directors "unanimously took a favorable stance" on the proposal, the company said. An independent expert appointed by the board will draw up a fairness opinion on the financial terms of the offer.
The listing of Theradiag's shares on the Euronext Paris stock exchange was suspended Friday until further notice.