News blog
York Pharma
- BY: Andrew Hore |
- POSTED: 07/04/2009 |
ULURU has signed a non-binding offer letter to acquire York Pharma.
Texas-based ULURU is a developer of wound management and oral care products. The potential bidder is the previously reported £1m secured revolving credit facility provider.
The bid for the skin treatments developer appears to be an all share offer. A condition of the potential offer is that York’s convertible debt of $6m plus interest is converted into shares. York shareholders would end up owning 23% of ULURU.
At the suspension price of 3.25p, York is valued at £2m.
Discussions with an alternative bidder have ended.
There is no guarantee that the bid will go ahead. If it does not then ULURU could call on the security for its loan. It is not clear what this is but it might make the rest of York less attractive to any alternative purchaser.
© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Browse by issue
- All issues
- Popular tags
- All tags
- AIM Micro feeds
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds
|