NEW YORK (GenomeWeb News) – Tepnel Life Sciences today said that Gen-Probe's offer to acquire the firm for £92.8 million ($132.1 million) is expected to become effective on or around April 8.
The firms announced the deal at the end of January. Tepnel said that it notified shareholders this past weekend of the schedule for required meetings and principal events in advance of completing the transaction. Among these events is a court meeting on March 16, at which time Tepnel shareholders are expected to approve the acquisition.
The acquisition will provide Gen-Probe with an entry into the transplant diagnostics market as well as genetic tests that Gen-Probe believes are complementary to its molecular diagnostics products. Tepnel also has collaborations with pharmaceutical clients to develop companion diagnostics.
The boards of directors of both firms have unanimously approved the deal. In addition, the board and institutional investors holding around 40 percent of Tepnel's shares have pledged to vote in favor of the acquisition.
Gen-Probe is paying 27.1 pence ($.386) per share in cash for each share of Tepnel outstanding. The purchase price represents a 126 percent premium to Tepnel's closing price on Jan. 21, the day before Tepnel announced it was involved in acquisition discussions.
In Monday afternoon trade on the London Stock Exchange, Tepnel's shares were unchanged at 26.75 pence.