pharmaphorum July 15, 2024
Two investment funds have decided to contest Taisho Pharma’s recently announced management buyout plan in court, after failing to reach an agreement on the price.
According to a report in the Nikkei Asian Review, minority shareholders Curi RMB Capital and Oasis Management have petitioned the Tokyo District Court to block the forced divestment of their stakes in the Japanese drugmaker at the current offer price.
Taisho announced plans for an MBO towards the end of last year, with a tender offer price of JPY 8,620 ($58.56) per share which was a 50% premium on its average closing share price in the prior six months, valuing the company at around 710 billion yen (around $4.75 billion).
The tender offer, from a...
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