Kaneka Corporation has completed the voluntary offer to acquire an additional 26.57% stake in AB-Biotics, S.A. for 16.7 million.
August 15, 2019
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Kaneka Corporation (TSE:4118) made a voluntary public offer to acquire the remaining 60.24% stake in AB-Biotics, S.A. (BME:ABB) for 37.9 million on July 9, 2019. Under the terms of the transaction, Kaneka Corporation will pay 5 per share for 7,583,025 AB-Biotics.shares. The founders, executive directors and key shareholders of AB-Biotics, Miquel Angel Bonachera and Sergi Audivert (each holding 8.92% of the company behind Kaneka), both support this bid. Acceptance period for the transaction starts from July 10, 2019 and ends on August 16, 2019. On July 12, 2019, the board of directors of AB-Biotics requested a fairness opinion about the price offered by Kaneka. Guillermo Guerra and Pablo Fernández of Gómez-Acebo & Pombo acted as legal advisor for Kaneka. As of July 23, 2019, the minority shareholders of AB-Biotics, S.A. wants to reject the bid for a better price. As of August 23, 2019, the bid was accepted for 26.57% of AB-Biotics, S.A. and it will hold 66.33% of the capital. Pérez-Llorca Abogados, S.L.P. y CÍA, S.Com.P. acted as the legal advisor to AB-Biotics, S.A.
Kaneka Corporation (TSE:4118) has completed the voluntary offer to acquire an additional 26.57% stake in AB-Biotics, S.A. (BME:ABB) for 16.7 million on August 16, 2019. Kaneka acquired 3.34 million shares in the offer. Miquel Àngel Bonachera and Sergi Audivert retain 12% between them.
AB-Biotics SA, also known as AB Biotics, is a Spain-based company engaged in the biotechnology industry business sector. It is dedicated to the research and development (R&D) of functional ingredients, drugs and tools for genetic analysis, as well as the nutraceutical and pharmaceutical industries. The Companyâs pipeline includes a range of supplements designed to improve health, from products that can lower the risk of cardiovascular disease to those that can help in the management of diabetes. It covers the development spectrum from marketed product, to proof-of-concept, and includes products that have been licensed to global food and pharmaceutical companies. The Company also provides outsourced R&D solutions to pharmaceutical companies, as well as functional food industry related companies. The Company offers different products, such as AB-Life, LipiGO, AB-Dentalac and AB-Colic, among others.