Intrexon Fails in Aquabounty Takeover Bid08 January 2013
US - A bid by Intrexon to take over AquaBounty Technologies has failed.
Folowing hte announcement on 5 December, AquaBounty Technologies said that Intrexon had failed to meet the conditions for the takeover to go ahead.
According to the terms of AquaBounty's Certificate of Incorporation, the offer was conditional on receiving acceptances in respect of shares that, together with Intrexon's holding of 47.56 per cent, would result in Intrexon holding more than 50 per cent of the issued and outstanding shares of AquaBounty common stock.
The acceptances combined with Intrexon's current holding did not meet this threshold. As such, the conditions of the offer were not been met and Intrexon will not acquire the common shares tendered in the Offer.
Those AquaBounty shareholders, who accepted the offer and tendered their shares will have returned to them their relevant share certificates and other documents of title in accordance with the terms of the offer.
Intrexon still has the right, based on its current ownership, to appoint three of the six directors to AquaBounty's board of directors. When the nomination process has concluded, AquaBounty said it will announce to the market the Intrexon designees to the Board.
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