Potential Acquisition Offer for Source BioScience
The offerors have until July 2 to announce an intention to make an offer. Source BioScience sales grew 4.5% in 2015 to £26.3 million ($40.5 million = £0.65 = $1) (see page 12). Laboratory Services accounted for 59% of revenues, and Products accounted for 41%. Products sales declined 10.1%. Life Science Research Reagents products include clones and antibodies.
London, UK 6/3/16; London, UK 6/9/16—Continental Investment Partners and Harwood Capital (the offerors) disclosed in a public filing that they are evaluating making an offer worth £62.9 million ($ 91.2 million = £0.69 = $1) for publicly held Source BioScience. Source BioScience consists of two divisions: Laboratory Services (Diagnostics, DNA Sequencing and Genomics, Analytical and Regulated Services) and Laboratory Products (Clinical Products, Life Science Research Reagents, Controlled Environment Storage). The potential offer price is £0.18 ($0.26) per ordinary share, a 21% premium over the June 2 closing price. As of June 2, the offerors advised or controlled 50.87% of the company’s issued share capital. Source BioScience confirmed that it had received an approach from the offerors but stated there was no certainty an offer will be made.
