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Source Bioscience PLC Announces Possible Offer For Vindon Healthcare PLC

Monday, 15 Jul 2013 01:23pm EDT 

Source Bioscience PLC announced that it is at an advanced stage of discussions with the board of Vindon Healthcare PLC, provider of controlled environment services and products to the pharmaceutical and life sciences sectors in the UK, Ireland, Europe and North America, regarding a possible all cash offer (the Possible Offer) for the entire issued and to be issued share capital of Vindon Healthcare not already owned by Source BioScience, at a price of GBP0.137 per Vindon Healthcare share. The Possible Offer would value the entire issued and to be issued share capital of Vindon Healthcare at approximately GBP12.2 million. The Board of Source BioScience believes that an offer at this price would represent a compelling 44% premium for Vindon Healthcare shareholders compared to the closing mid market price on July 15, 2013, being the last trading day before this announcement. In anticipation of making the Possible Offer, Source BioScience has procured from the director shareholders of Vindon Healthcare irrevocable undertakings to accept the Possible Offer, if made at the Possible Offer Price, in respect of their existing holdings in Vindon Healthcare, amounting in aggregate to 24.68% of the existing issued share capital of Vindon Healthcare. Furthermore, completion of the Offer, if made, would be conditional upon, amongst other things, Source BioScience shareholder approval under the Listing Rules and in order to obtain authority to issue new shares to partially fund it. 

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