More Vindon shareholders back takeover

THE company planning a takeover of Rochdale-based scientific storage business Vindon Healthcare says nearly half the company’s shareholders have given the deal their support.

Nottingham-based Source BioScience, which carries out genetic analysis and diagnostics, says it is close to finalising its possible offer.

On July 16 Vindon told shareholders that Source had indicated the possible offer will be at 13.7p per share, valuing it at approximately £12.2m.

Such a bid would be a premium of 44% to the closing middle market price on July 15, before details of the potential deal emerged.

Key shareholders and executives at Vindon, including Manchester-based financier and investor Richard Hughes who has a 17% stake and Liam Ferguson, Vindon’s executive chairman, who owns 4.56%, have given Source BioScience irrevocable undertakings to accept the possible offer if its is made at the price.

It has since acquired further undertakings from other Vindon shareholders – Ian Currie, Gary Middlebrook, and the Hamilton Davies Trust – taking the total to 46%.

Source, which will have to raise new equity from its investors to fund the potential deal, has until 5pm on August 12 to submit a formal offer under Takeover Code rules. Manchester-based Zeus Capital is acting as financial adviser to AIM-listed Vindon.

Source BioScience, which is listed on the main London market, previously said that its board “believes that Vindon Healthcare represents a significant opportunity” in the context of its growth and stated acquisition strategy.