Biosynex SA completed the acquisition of Chembio Diagnostics, Inc. from Perceptive Advisors LLC and others.
The closing of the tender offer will be subject to certain conditions, including the tender of shares representing at least a majority of the total number of Chembio?s outstanding shares and other customary conditions. No vote of Chembio stockholders will be required in connection with the Merger. The terms of the merger agreement were unanimously approved by the Boards of Directors of Chembio and Biosynex, and and the Board of Directors has resolved to recommend to the stockholders of Chembio to accept the Offer and tender their Chembio shares. Biosynex SA commenced the Offer on February 14, 2023. The transaction is expected to close in the first quarter of 2023. The Offer shall initially be scheduled to expire on March 14, 2023. As of March 15, 2023, Biosynex announced an extension of the Offer on March 28, 2023. As of March 29, 2023, Biosynex announced an extension of the Offer on April 12, 2023. As of April 13, 2023, Biosynex announced an extension of the Offer on April 26, 2023. The transaction is expected to close on April 27, 2023.
Ernst & Young (EY) is acting as financial advisor and James Hu of White & Case LLP and Marc Petitier and Olivier Pâris of White & Case LLP (Paris) serving as legal counsels to Biosynex. Craig-Hallum Capital Group LLC is acting as financial advisor and Sean M. Jones of K&L Gates LLP is serving as legal counsel to Chembio. Craig-Hallum Capital Group LLC acted as fairness opinion provider to the board of Chembio. Securities Transfer Corporation acted as depository bank to Chembio.
Biosynex SA (ENXTPA:ALBIO) completed the acquisition of Chembio Diagnostics, Inc. (NasdaqCM:CEMI) from Perceptive Advisors LLC and others on April 27, 2023. The tender offer expired on April 26, 2023. Securities Transfer Corporation has advised Biosynex that approximately 18,874,498 shares of Chembio common stock were validly tendered and not properly withdrawn in the tender offer, representing approximately 50.9% of the outstanding shares of Chembio?s common stock as of April 26, 2023. All of the conditions to the tender offer have been satisfied, and on April 26, 2023, Biosynex, accepted for payment, and will as promptly as practicable pay for, all shares validly tendered and not properly withdrawn in the tender offer. Following the acceptance of the tendered shares, Biosynex completed the acquisition of Chembio on April 27, 2023 through the merger of Biosynex with and into Chembio in accordance with Nevada Revised Statute 92A.133 without a vote of Chembio stockholders.