According to lawyers
McCullough Robertson
The recent flurry of takeover deals of Australian late-stage companies by foreign-owned global pharmaceutical companies has heralded the commercial resurgence of the industry. It signals a need for listed and unlisted companies to be aware of their potential as a takeover target and be deal ready to respond appropriately and maximise value for stakeholders.
But its the details that must worry bidders;
- a success rate of around 55% for announced bids;
- ‘cash is king’ – over 60% of bids are for cash consideration, not scrip;
- attractive premiums – examples ranging between 30-60% of recent trading prices
As others have
already noted, the offer is clearly inadequate
this takeover undervalues the company. Unless Qiagen increases the bid price, I have recommended members of The Intelligent Investor vote against the scheme of arrangement at the meeting scheduled for late June
