March 17, 2020 / 9:38 AM / 18 days ago

Japan's AGC launches bid for Italian biotech firm Molmed

MILAN (Reuters) - Japan’s AGC (5201.T) has launched a takeover bid on the whole of Italian biotech company Molmed (MLMD.MI) in a deal worth up to 240 million euros ($267 million), AGC said on Tuesday.

In its bid document the Japanese conglomerate said it was offering 0.518 euros per Molmed share, the equivalent of a premium of 110.3% compared to the stock’s closing price on March 16.

AGC, which controls biopharmaceutical unit AGC Biologics, said Fininvest, the holding company of the family of former Prime Minister Silvio Berlusconi, had agreed to tender its 23% stake in Molmed.

The aim of the bid is to delist Molmed, AGC said.

It said the offer was conditional on at least 66.667% of Molmed shares being tendered as well as a series of other events including unexpected impacts on the company from the coronavirus outbreak.

At 0855 GMT Molmed shares were halted from trade, indicated up 72% at 0.446 euros.

Reporting by Stephen Jewkes, editing by Louise Heavens

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