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Medicago Inc Announces Agreement To Be Acquired By Mitsubishi Tanabe Pharma Corp

Friday, 12 Jul 2013 03:50am EDT 

Medicago Inc announced that it has entered into a definitive arrangement agreement with Mitsubishi Tanabe Pharma Corporation (MTPC) whereby MTPC will acquire all of the issued and outstanding common shares of Medicago, other than the Shares held by Philip Morris Investments B.V. an affiliate of Philip Morris International Inc. and MTPC, for $1.16 in cash per Share. Upon completion of the transaction, Medicago will be jointly owned by MTPC (60%) and PMI (40%). The Purchase Price represents a premium of approximately 22.1% to the closing price of $0.95 per Share on the TSX on July 11, 2013 and a premium of approximately 46.8% and 61.1% over the 30-day and 90-day volume weighted average prices of $0.79 and $0.72 per Share on the TSX, respectively, up to and including July 11, 2013. The transaction represents a total enterprise value of approximately $357 million, including the assumption of existing indebtedness, for 100% of Medicago. 

Company Quote

-3.0 -0.20%
22 Jul 2014