Cephalon offer for Arana now unconditional
This article was originally published in Scrip
Executive Summary
Cephalon's A$1.40 ($1.10) per share offer for the Australian antibody firm Arana Therapeutics has been declared final and unconditional, and is set to close on June 1st, unless extended. The move now means that Cephalon cannot increase the offer price, although it will rise to $1.45 per share if the US firm secures a holding of at least 90% during the offer period. It now holds a 53.4% stake. Arana shareholders will actually receive five cents a share less on settlement of the A$318 million acquisition, to adjust for a special five cent dividend already paid.