Vindon recommends £12.2m Source BioScience offer

AIM-listed Vindon Healthcare has agreed a £12.2m recommended cash offer from suitor Source BioScience.

The 13.7p per share offer represented a premium of 44.2% from the closing middle price of 9.5p on July 15, the day before talks were announced .

Nick Ash, chief executive of Nottingham-based Source, which is listed on the main market , said: “The potential combination of Source BioScience and Vindon Healthcare brings a multitude of benefits to both companies; from extended geographic reach and in-house expertise, to a broader offering of products and services for our customers.

“As an enlarged group, there will be financial benefits and the opportunity to accelerate our growth.”

Liam Ferguson, chairman of Rochdale firm Vindon added: “There are true synergistic benefits in bringing together Vindon and Source BioScience and this is an attractive opportunity for our shareholders, management and staff. “

Zeus Capital, the Manchester-based corporate finance advisory firm,advised Vindon Healthcare on the offer.

Zeus Capital acted as financial adviser and was led out of its Manchester office. Andrew Jones, Nick Cowles and Jamie Peel provided corporate finance advice.

Andrew Jones, director of corporate finance at Zeus Capital, said; “We are delighted to have advised Vindon Healthcare on the offer from Source BioScience. Zeus Capital has worked with Vindon Healthcare for a number of years and we wish them the best going forwards as they build on their success with Source Bioscience.”

Hill Dickinson Manchester corporate lawyers Ian Gillis and David Mkhitarian acted for Vindon Healthcare on the deal.