Sigma rejects revised offer from Aspen
Monday, 12 July, 2010
Melbourne biotech Sigma Pharmaceuticals has assured shareholders that it is trying to negotiate a better deal than the revised $0.55 a share offered for the company by South African generics producer Aspen Pharmacare Holdings.
The original offer was for $0.60 but was reduced in the light of poor financial data from Sigma last month.
In a letter issued to the ASX today company secretary Sue Morgan Dethick said that Sigma was focussed on having a number of conditions proposed by Aspen removed, but urged this did not mean it was satisfied with the revised price, which values the company at $700 million. Aspen has however indicated that it is running out patience.
One of Australia’s oldest pharmaceutical companies Sigma owns a number of household retail brands including Amcal, Guardian and the Amcal Max brand. However, it recently fallen on hard times, posting a $389 million loss for the year ending January 31, 2010.
Last month it revealed that its generics business was $6.4 million under budget, leading some analysts to downgrade the company from neutral to underperform.
Sigma’s shares closed today at $0.45.
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