GSL expects to complete Xenetic buy on 23 January.
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.
Sector: Biotechnology, Pharmaceuticals
Target: Xenetic Biosciences Plc
Buyer: General Sales & Leasing Inc (GSL)
Comment: Deal values the target at USD39.9m.