BARD1 Life Sciences Limited entered into a merger implementation agreement to acquire Sienna Cancer Diagnostics Limited for AUD 24.7 million.
The transaction is subject to conditions and provisions customary for transactions of this type including exclusivity arrangements, court approval, FIRB approval, regulatory approval and approval by shareholders of both Sienna and BARD1, subject to independent expert determining that the scheme is in the best interests of Sienna Shareholders and receipt of approvals. The Sienna Directors unanimously recommend that the Sienna Shareholders vote in favor of the Scheme. The board of Sienna Cancer Diagnostics unanimously approved the transaction. In KPMG Financial's opinion, the scheme is in the best interests of sienna shareholders, in the absence of a superior proposal.
As of July 15, 2020, the shareholders of Sienna Cancer Diagnostics approved the transaction. It is expected that Sienna Cancer Diagnostics's shares will be suspended from the close of trading on the ASX on July 20, 2020. As on July 20, 2020, Federal Court of Australia has approved the transaction. The transaction is expected to close on July 28, 2020. Bart Oude-Vrielink and Sudharshan Senathirajah of MinterEllison acted as a legal advisors and Kidder Williams Limited acted as a financial advisor to BARD1. Sean Collins and Joanne Lupton of KPMG Financial Advisory Services (Australia) Pty acted as fairness opinion provider for Sienna. Link Market Services Limited acted as registrar and K & L Gates acted as legal advisor for Sienna.