April 28, 2009 / 4:30 PM / 10 years ago

Germany's EZAG ordered to launch offer for IBt

BRUSSELS, April 28 (Reuters) - Belgian financial markets regulator CBFA ordered Germany’s Eckert & Ziegler (EZAG) (EUZG.DE) and SMI Steglitz MedInvest UG on Tuesday to launch a mandatory offer for International Brachytherapy IBTH.BR.

It said they should pay 3.47 euros per remaining share of Belgian radiotherapy implant maker IBT, whose radiation-emitting implants are placed in cancer tissue to destroy diseased cells. IBT shares last traded on Tuesday at 2.75 euros.

The CBFA said the two German companies should be regarded as acting in concert, which because they have exceeded the 30 percent threshold are obliged to launch a takeover bid.

EZAG acquired 29.89 percent of voting rights in IBT last year and also took a call option on class ‘A’ beneficiary shares which represented 22.14 percent of voting rights.

In December, EZAG transferred the call to SMI, which exercised the option on the same day. The financing for exercising the option was provided by a company owned by EZAG’s chief executive.

Under their agreement SMI granted EZAG a call option and SMI took a put option on the shares transferred, the CBFA said in a statement.

The CBFA said that the 30 percent threshold had been exceeded on January 26, 2009, when SMI actually aqcuired the shares. (Reporting by Philip Blenkinsop; editing by Elaine Hardcastle)

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