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Oxford Biomedica confirms takeover approach from PE firm EQT
(Sharecast News) - Oxford Biomedica confirmed on Wednesday that it has received unsolicited takeover approaches from private equity firm EQT. In a brief statement in response to recent press speculation, the cell and gene therapy company said it is now in preliminary discussions with EQT "to explore whether a proposal can be made at a level that the board would be minded to recommend".
"The discussions follow earlier unsolicited proposals from EQT regarding a possible acquisition of OXB," it said. "The board of OXB, together with its advisers, carefully considered the earlier proposals and rejected them on the basis that they undervalued OXB and its prospects."
The company added that there can be no certainty that any firm offer will be made nor as to the terms on which any firm offer might be made.
Under UK takeover rules, EQT has until 1700 GMT on 11 February to either announce a firm intention to make an offer or walk away.
Oxford Biomedica shares closed up 1.3% at 748.71p.
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