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NeutraHealth
- BY: Andrew Hore |
- POSTED: 16/09/2010 |
Neutraceuticals supplier NeutraHealth is recommending a 6.5p a share cash bid from India-based Elder Pharmaceuticals.
The bid values NeutraHealth at £12.2m. Elder believes the acquisition will help it enter European markets and it will also be able to supply raw materials more cheaply to NeutraHealth. Outsourced production could be taken in-house by Elder.
NeutraHealth had a tough first half of 2010 with flat revenues of £16.8m and a slump in profit. A lucrative licensing contract, which contributed £500,000 in the first half, ended in June 2010.
In March 2009, Neutrahealth ended partial offer discussions with Elder. The indicative offer price was 5.5p a share. Elder wanted to increase its stake from 21.1% to above 50%.
NeutraHealth joined AIM as a shell on 18 February 2005, when it raised £1.5m at 10p a share.
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