ARTICLE | Company News

Affitech cancer news

March 5, 2012 8:00 AM UTC

Affitech said shareholder Trans Nova Investments Ltd. submitted a voluntary conditional offer to purchase the 59.99% of Affitech it does not own for DKK0.20 per share, or DKK58.5 million ($10.6 million), based on 487.7 million shares outstanding on Feb. 28. The price is a 67% premium to Affitech's close of DKK0.12 on Feb. 27, the day before the offer was announced. The offering period expires March 27. Upon completion of the offer, Trans Nova said it will seek to delist the company and complete a substantial restructuring of Affitech keeping only essential research activities. Trans Nova concluded it would be difficult to attract additional funding to Affitech within the timeframes before the company reaches a "critical liquidity level." Handelsbanken Capital Markets advised Trans Nova.

This offer is not an extension or an amendment to the voluntary conditional public offer which expired on Jan. 25. That offer did not complete due to failure to satisfy the 90% ownership of Affitech capital required of Trans Nova. Based on the shareholder interest from the previous offer, Trans Nova chose not to make a 90% ownership stake a condition for this offer (see BioCentury, Feb. 6). ...