FINANCE
ALLIANCE PHARMA SHAREHOLDERS AGREE TO £ 362M TAKEOVER DEAL
Wiltshire-based Alliance Pharma plc shareholders have approved a takeover by DBAY Affiliates.
In a meeting held on Thursday 13th March, shareholders voted in favour of the £ 362 million all-cash offer which is 64.75p-per-share and £ 12 million higher than the original offer( 62.5p a share, or £ 349.7 million) that was made in January.
The Chippenham-headquartered healthcare group sells over-the-counter and prescription drugs around the world, with its brands including Kelo-Cote, Anbesol and Lypsyl, and is listed on London’ s Aim index.
Asset management firm DBAY is Alliance Pharma’ s largest shareholder and first made an approach to the Alliance board last May. It has been acquiring Alliance shares for more than two years and already controls 27.9 % of the company.
Shares in Alliance have fallen sharply in the past few years, having been worth more than £ 1.20 each in April 2022.
Commenting on the Acquisition, Camillo Pane, Non- Executive Chairman of Alliance, said,“ DBAY is an experienced investor with a proven track record in supporting management teams to achieve their growth ambitions. Ownership of Alliance by DBAY will provide access to DBAY’ s
operational expertise and significant additional capital to accelerate its strategy to grow through increased investment in new product innovation and development, M & A and expansion into new markets.”
“ We are pleased to have reached agreement with the Alliance Board, and that the acquisition received their unanimous recommendation”
Alexander Paiusco, Managing Director, and Samuel Tresidder, Principal, of DBAY, said,“ We are pleased to have reached an agreement with the Alliance Board, and that the acquisition received their unanimous recommendation. As Alliance’ s largest shareholder, DBAY is highly supportive of Alliance’ s leadership team, but believes that the future prospects of Alliance and its employees would be better served away from the public markets, with a supportive majority shareholder and access to additional sources of financing to fund accelerated, sustainable growth.
“ For shareholders who no longer wish to remain invested in Alliance but are unwilling to sell at the current share price, or have been prevented from doing so by a lack of liquidity in the listed shares, the cash offer represents an opportunity to realise their investment in cash at a material premium to the share price of Alliance over the past 12 months. The alternative offer will give those Alliance Shareholders who wish to retain an economic interest in Alliance going forward the ability to do so.
“ We look forward to working with Alliance’ s leadership team and existing employees to accelerate Alliance’ s growth strategy and unlock the long-term value in Alliance for all stakeholders.”
Providing accountancy training of the highest quality to all who study with White Horse or maintain their professional knowledge through use of our services.
Our Core Services
AAT Apprenticeships
White Horse Training is a governmentapproved training provider for the delivery of Apprenticeship Standards in Accounting at Level 3 and Level 4 and an approved training centre for the Association of Accounting Technicians( AAT). We are also a partner in learning with ICAEW.
CPD Training
Online or in person in our Swindon venue
Tax Seminars
Online or in person in our Swindon venue
Practical Training Courses
These are held in our venue in Bath City Centre
10 www. tbeswindonandwilts. co. uk