Solvay makes 177.6M-euro friendly offer for Belgian biotech firm Innogenetics

Belgian drugs and chemicals firm Solvay has made what it calls a "friendly," conditional tender offer for Innogenetics, a domestic biotechnology company with which it has been collaborating since 1997.

The bid price is 5.75 euros per share, for a total value of 177.6 million euros ($282.7 million). This represents a 53% premium to the closing price of April 23 and is 42.8% higher than the volume average prices of Innogenetics shares over the preceding month. In addition, as part of the deal, Solvay will offer to purchase, based on the offer price, the Innogenetics warrants and convertible bonds. Solvay already owns 6.77% of the smaller partner. The reference shareholders of Innogenetics (Rudi Marien, Biovest CVA, Marigest Holding SA, SATE SA and Gengest BVBA), who combined own 18.48% of the shares of the company, have committed to tender their holdings.

The deal, subject to normal closing conditions, is expected to complete during the second quarter, but is still open to offers from other contenders.