US giant Alere has claimed victory in its £235 million hostile pursuit of Dundee-based healthcare diagnostics firm Axis-Shield.
The firm which spun out of research at Dundee University almost 30 years ago had initially tried to resist Alere’s overtures but was unable to shake off the attentions.
Axis-Shield’s board succumbed to the pressure earlier this month and recommended to shareholders that they accept 470p per share despite it ”fundamentally” undervaluing the business.
The deadline for shareholders to accept the offer passed on Monday and Alere AS Holdings Limited a wholly-owned subsidiary of Alere Inc. announced it had acquired 50.99% of the shares in circulation.
In addition to its existing holding of 29.9%, the buy-up brings Alere’s interest in Axis-Shield to a controlling stake of 80.9%.
New owners Alere said Axis-Shield’s listing on the London Stock Exchange would be cancelled by November 22 and the firm’s Oslo Bors presence in Norway would also be removed.
A statement from the Massachussets-based company said: ”Following such cancellation and delisting, Alere AS Holdings intends to procure that Axis-Shield re-registers from a public limited company to a private limited company.
”Such cancellation, delisting and re-registration will significantly reduce the liquidity and marketability of any Axis-Shield shares not assented to the offer.”
The firm added that it would seek to take up its option on any remaining shares if it managed to secure the 90% holding that would allow a compulsory acquisition.
In its last full accounts before the takeover, Axis-Shield reported a ”landmark year” after its overall revenues topped the £100 million mark for the first time and it recommended its maiden dividend to shareholders.
The company which has its headquarters at Dundee Technology Park employs around 500 people worldwide.