General Sales and Leasing, Xenetic Biosciences deal
The boards of the companies agreed on a proposal under which GSL will acquire Xenetic. Under the proposal, Xenetic shareholders will receive 56 GSL shares for every 175 Xenetic shares held. The companies said the acquisition values each Xenetic share at about 5.95p and the existing share capital of Xenetic at about £24.3 million ($38.9 million). GSL said Xenetic shareholders representing about 23.08% of Xenetic's outstanding share capital have committed to the proposal. After the acquisition, Xenetic will hold about 97.39% of GSL's new share capital. Upon deal close, GSL will sell its current businesses and Xenetic's business will become GSL's sole asset. Xenetic said the move is the "first step" to listing on a U.S. stock exchange (see BioCentury, Oct. 28). ...