Eurobio Scientific: 44.7% of share capital tendered to the offer

(CercleFinance.com) - Eurobio Scientific announced on Friday that 44.
7% of its capital and voting rights had been tendered in response to EB Development's tender offer for its shares.

In detail, 4,582,971 ordinary shares in the in vitro diagnostics specialist were tendered in response to this first period of the tender offer, which closed on November 27.

Taking into account the shares held by funds managed by NextStage AM and IK Partners, as well as those of CEO Denis Fortier and other members of management, EB Development's stake amounts to almost 82.7% of the capital.

In a press release, Eurobio states that the offer will be reopened from December 4 to 17 at the same price, i.e. 25.30 euros per share, plus, if applicable, an additional price of 1.25 euros per share if the threshold of 90% of the share capital and voting rights is reached at the end of the reopened offer period.

Should the 90% threshold be reached, EB Development plans to request the implementation of a squeeze-out procedure for Eurobio Scientific shares on Euronext Paris.

According to Eurobio, this stock market listing does not provide the company with the means to finance its development, which is mainly based on external growth operations.

The company also cites a penalizing environment for mid-cap companies, as well as regulatory constraints, while explaining that a tie-up with EB Development would give it access to new sources of financing to ensure its development, backed by a reference investor who shares its strategy.

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