Bayer Acquires Conceptus
In an announcement, the Bayer Group says that it had successfully completed a tender offer for the outstanding shares of stock of Conceptus Inc. With the expiry of the given offer period, the Mountain View, CA based firm's stock totalling 31, 983, 536 shares were tendered vaildly was not withdrawn.
The shares tendered represent 96.4% of current outstanding shares of the company. Included in the tender were 2,198,177 shares that were guaranteed delivered which comprise another 6.6% of current outstanding shares.
For its part, Bayer had accepted payment for all the shares validly tendered and that were not withdrawn in the tender offer. The company would promptly be making payment for all these shares.
According to Dr Marjin Dekkers, Bayer AG CEO, "We are pleased with Conceptus stockholders' positive response to our offer. It demonstrates the outstanding perspectives opened up by this acquisition project."
Bayer further said that it is intending to exercise its 'top-up' option. This would be the process where Conceptus would issue new shares in Bayer's name worth the offer price of the purchase that would allow Bayer to own over 90% of the company's outstanding shares to allow Bayer to gain full ownership without need for a Conceptus shareholder vote.