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news.Novozymes Biologicals Holding, a wholly-owned subsidiary of Novozymes, has signed a pre-acquisition agreement with Philom Bios, whereby Novozymes has agreed to offer the shareholders of Philom Bios CAD6.50 per share in cash.
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This represents a total equity value of approximately CAD25.6 million, corresponding to an enterprise value-to-sales multiple of approximately 2.0, based on 2005/06 sales. The offer includes outstanding stock options. Novozymes does not currently hold any stake in Philom Bios.
This transaction is subject to the fact that at least 67% of Philom Bios’ outstanding shares are tendered to the bid. Novozymes has already secured more than 70% of the shares. The transaction is expected to be closed in December 2007.
Philom Bios’ board of directors have unanimously recommended that the shareholders accept the offer, which is subject to certain limited conditions normal in a transaction of this nature including the approval of Philom Bios’ shareholders. Shareholders representing more than 70% of the outstanding Philom Bios shares have agreed to support and tender their shares to Novozymes.