Contract Services

Recipharm extends the acceptance period for the offer to acquire Consort Medical and updates on level of acceptance

10th January 2020

On 6 December 2019, Recipharm, through its directly wholly-owned subsidiary Recipharm Holdings Limited, published an offer document setting out the full terms and conditions of its recommended cash offer to acquire the entire issued and to be issued share capital of Consort Medical.

The Offer, which remains subject to the terms and conditions set out in the Offer Document and, in respect of Consort Shares in certificated form, the Form of Acceptance, is being extended and will remain open for acceptances until 1.00 p.m. (London time) on 23 January 2020. Should there be any further extension of the Offer, this will be publicly announced by 8.00 a.m. (London time) on the Business Day following the day on which the Offer is otherwise due to expire, or such later time as the Takeover Panel may agree. Consort Shareholders who have not yet accepted the Offer and who wish to do so should take action to accept the Offer as soon as possible. Details of the procedure for doing so are set out in the Offer Document.

As at 1.00 p.m. (London time) on 9 January 2020, being the first closing date of the Offer, Recipharm had received valid acceptances of the Offer in respect of 11,936,008 Consort Shares representing approximately 24.2 per cent of the existing issued share capital of Consort, which Recipharm may count towards the acceptance condition of the Offer. Of these acceptances, acceptances had been received in respect of a total of 80,851 Consort Shares, representing in aggregate, approximately 0.2 per cent of the existing issued share capital of Consort, which were subject to irrevocable undertakings given by Consort Directors to accept the Offer received by Recipharm. None of these acceptances have been received from persons acting in concert with Recipharm.