Boiron: family shareholders to launch takeover bid
July 04, 2023 at 10:56 am
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Boiron's family shareholders are preparing to launch a takeover bid for the pharmaceutical laboratory with a view to delisting it from the stock market, the group announced on Tuesday in a press release.
The Boiron family group, which holds 69.9% of the capital and 78.3% of the voting rights, has reached an agreement with investor EW Healthcare Partners and Boiron Développement to launch an offer at 50 euros per share.
In detail, the offer would be made at a price of 39.64 euros per share, plus an exceptional dividend of 10.36 euros per share.
After deduction of the dividend, the offer price represents a premium of 36% to last night's closing price of 29.14 euros.
In its press release, Boiron explains that its current strategy no longer requires it to remain listed on the stock exchange, particularly in view of the very low liquidity of its shares.
The homeopathic specialist adds that it considers unlisted status to be much better suited to the development of a group wishing to invest significantly over the long term.
According to Thierry Boiron, Chairman of the Board of Directors, the transaction will allow "greater freedom in long-term strategic choices".
The family shareholders plan to request the implementation of a squeeze-out should the conditions be met at the end of the offer.
The share price has been suspended since late morning, pending the publication of a press release.
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Laboratoires BOIRON was founded in France almost a century ago, under the impetus of homeopathic doctors who wanted to benefit from the most reliable medicines possible. Homeopathic medicines have many advantages in that they can be prescribed and advised in first line whenever relevant, in both urban and hospital settings. All actions aim to contribute to major public health issues.
Homeopathic medicines are obtained from substances called homeopathic strains, according to a manufacturing process described in the pharmacopoeia. These strains can be of plant, animal, mineral or chemical origin.
There are two main families of homeopathic medicines: common name homeopathic medicines and brand name homeopathic medicines (specialties).
BOIRON group centralizes its production and logistics in France. It also has 26 wholly-owned or leased distribution facilities in France and various offices in the countries where it has subsidiaries.
Net sales are distributed geographically as follows: France (47.9%), Europe (24.7%), North America (24.4%) and other (3%).