Printer Friendly

GSL expects to complete Xenetic buy on 23 January.

MANews-(C)2009-2014

20 January 2014 - UK biopharmaceutical company Xenetic Biosciences Plc (LON:XEN) said today that its acquisition by US development-stage company General Sales & Leasing Inc (OTCBB:GAIF), or GSL, would be completed on or around 23 January.

Under the terms of the deal, which was agreed in November last year, Xenetic shareholders will exchange 175 shares for 56 GSL shares. The transaction, which will be effected via a scheme of arrangement, values Xenetic at GBP24.3m (USD39.9m/EUR29.5m), the companies have said.

The going-private deal was approved at the court and general meetings of Xenetic last month. It remains subject to the court sanction of the scheme and court confirmation in connection the the associated capital reduction. The court hearing is set for 23 January.

Country: UK

Sector: Biotechnology, Pharmaceuticals

Target: Xenetic Biosciences Plc

Buyer: General Sales & Leasing Inc (GSL)

Type: P2P

Financing: All-stock

Status: Agreed

Comment: Deal values the target at USD39.9m.

COPYRIGHT 2014 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2014 Gale, Cengage Learning. All rights reserved.

 
Article Details
Printer friendly Cite/link Email Feedback
Publication:M & A Navigator
Date:Jan 20, 2014
Words:158
Previous Article:Garda World wraps up buy of G4S Cash Solutions (Canada).
Next Article:IBM closes buy of US Aspera.

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters