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HVIVO Agrees To Be Bought By Open Orphan In £12.96 Mln Stock Deal

Pharma services company hVIVO plc announced Monday that it has reached an agreement on the terms of a recommended offer to be made by Open Orphan Plc for the entire share capital of hVIVO. Under the terms of the Offer, each hVIVO shareholder will be entitled to receive 2.47 new Open Orphan shares. The deal values hVIVO at approximately 12.96 million pounds.

The offer represents a value of approximately 15.56 pence per hVIVO Share and a premium of 33.8 percent based upon the hVIVO closing price on December 6. The company said the number of New Open Orphan shares expected to be issued pursuant to the terms of the offer is 205.49 million shares.

The offer is classified as a reverse takeover for Open Orphan and will require the approval of its shareholders at the Open Orphan general meeting.

Following the deal, hVIVO Shareholders would own 44.67 percent of the share capital of the combined company.

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