Kaneka Corporation made a voluntary public offer to acquire the remaining 60.24% stake in AB-Biotics, S.A. for €37.9 million.

Kaneka Corporation (TSE:4118) made a voluntary public offer to acquire the remaining 60.24% stake in AB-Biotics, S.A. (BME:ABB) for €37.9 million on July 9, 2019. Under the terms of the transaction, Kaneka Corporation will pay €5 per share for 7,583,025 AB-Biotics.shares. The founders, executive directors and key shareholders of AB-Biotics, Miquel Angel Bonachera and Sergi Audivert (each holding 8.92% of the company behind Kaneka), both support this bid.

Acceptance period for the transaction starts from July 10, 2019 and ends on August 16, 2019. On July 12, 2019, the board of directors of AB-Biotics requested a fairness opinion about the price offered by Kaneka. Guillermo Guerra and Pablo Fernández of Gómez-Acebo & Pombo acted as legal advisor for Kaneka.

As of July 23, 2019, the minority shareholders of AB-Biotics, S.A. wants to reject the bid for a better price. As of August 23, 2019, the bid was accepted for 26.57% of AB-Biotics, S.A. and it will hold 66.33% of the capital. Pérez-Llorca Abogados, S.L.P. y CÍA, S.Com.P. acted as the legal advisor to AB-Biotics, S.A.