Ares Life Sciences AG plans to acquire the remaining 54.1 percent it does not already own in of allergy specialist Stallergenes for 59 euros ($79.70) a share, Reuters reported. Ares Life is a Switzerland-based health investment fund. The offer is mandatory after Ares Life bought a 45.9 percent stake of Stallergenes from Wendel Investissements SA.
(Reuters) – Health investment fund Ares Life Sciences said it will offer to buy out the 54.1 percent of allergy specialist Stallergenes (GENP.PA: Quote, Profile, Research, Stock Buzz) it does not own at a price of 59 euros ($79.70) per share.
Stallergenes shares are trading at 60 euros, above the proposed offer price. The company has a market capitalisation of 800.5 million euros ($1.08 billion).
The tender offer is mandatory after Ares’ purchase of a 45.9 percent stake of Stallergenes from investment group Wendel (MWDP.PA: Quote, Profile, Research, Stock Buzz), Ares said in a statement on Wednesday. [ID:nLDE6A91ZW]
Ares reiterated it would not try to squeeze out minority shareholders or delist the company following its offer.
(Reporting by Lionel Laurent; Editing by Louise Heavens) ($1=.7403 Euro)