Business
Second Closing of the Offer
Second Closing of the Offer.
About this update from Hvivo Plc
[{"type":"text","content":"\n \nRNS Number : 6688Z Open Orphan PLC 14 January 2020 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF ANY SUCH JURISDICTION\n \n14 January 2020\nRecommended All Equity Offer\nfor\nHVIVO PLC (\"HVIVO\")\nto merge with\nOPEN ORPHAN PLC (\"OPEN ORPHAN\")\n \n Second Closing of the Offer\nNo extension of the Offer\n \nIntroduction\nOn 9 December 2019, the boards of Open Orphan and hVIVO announced that they had reached agreement on the terms of a recommended all-equity offer for the entire issued and to be issued share capital of hVIVO (the \"Offer\"). Under the terms of the Offer, hVIVO Shareholders will be entitled to receive 2.47 New Open Orphan Shares for every one hVIVO Share. The Offer represents a value of approximately 15.56 pence per hVIVO Share and a premium of 33.8 per cent. based upon the hVIVO Closing Price on 6 December 2019, being the last practicable date prior to announcement of the Offer, valuing hVIVO at approximately £12.96 million.\nOn 31 December 2019, Open Orphan announced that the Offer had been declared unconditional as to acceptances and that it would remain open for acceptances until 1.00 p.m. (London time) on 13 January 2020.\nOn 7 January 2020, Open Orphan announced that it had made an offer to holders of outstanding hVIVO Options previously granted by hVIVO pursuant to the terms of the hVIVO LTIP in accordance with Rule 15 of the Takeover Code (the \"Rule 15 Offer\"). The Rule 15 Offer remains open until 5pm on 27 January 2020.\nLevel of acceptances\nAs at 1.00 p.m. (London time) on 13 January 2020, valid acceptances had been received in respect of 77,348,100 hVIVO Shares, representing approximately 92.5 per cent. of the issued ordinary share capital of hVIVO.\nOpen Orphan understands that acceptances have been received in respect of 178,973 hVIVO Shares (representing approximately 0.21 per cent. of the existing issued share capital of hVIVO) which were the subject of irrevocable undertakings procured by Open Orphan or persons acting in concert with it. Acceptances were outstanding in respect of 25,991 hVIVO shares (representing approximately 0.03 per cent. of the existing issued share capital of hVIVO) which were t...