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Sinclair Pharma PLC (SPH.L), a British cosmetic and medical company, is to be acquired through a cash offer for about 169 million pounds, China East China Pharmaceutical Corp. (000963.SZ) said in an early announcement Wednesday. The acquisition has been backed by Sinclair's major shareholders and board of directors.
Eastern China Pharmaceutical Corp. plans to acquire all Sinclair shares at a price of 32 pence per share on Tuesday after signing a binding offer, the announcement said. The stock price is about 19.8 pence premium of about 61.6% on the last trading day (last Friday) before the announcement.
Lansdowne Developed Markets Master Fund Limited and Abingworth LLP, the main shareholders of Sinclair, have pledged to support the offer, with the two holding 17.6% of Sinclair and Toscafund, the largest shareholder with 29.5% of Sinclair, also intending to vote in support of the offer. All directors of Sinclair also support the tender offer, with directors holding 2.4% of the company's shares.


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