EQT abandons Oxford BioMedica takeover bid after proposals rejected
EQT Fund Management SARL confirmed on Wednesday it has no intention of making an offer for Oxford BioMedica PLC.
This comes after the January 14 announcement by the Oxford-based gene and cell specialist that Luxembourg-based EQT was considering a possible cash takeover offer, and the subsequent extension of the PUSU deadline earlier this month.
Oxford BioMedica said EQT submitted four proposals to the company’s board, including both a possible cash offer and ‘the possibility of an unsolicited share alternative’.
After consideration from the board and consultation with ‘key shareholders’, the company said it ‘unanimously concluded’ that the proposals ‘undervalued’ the company, and were rejected.
Oxford BioMedica emphasised its confidence in its leadership given the company’s ‘continued momentum’ and ‘attractive future prospects’.
EQT said it ‘is appreciative of the engagement with OXB’s board of directors and management team and would like to thank them for their time and consideration of this potential transaction.’
Shares in Oxford BioMedica were down 6.2% at 641.00 pence on Wednesday afternoon in London.
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