Knobias Clip Report (11-25-2008) MEMY
Submitted By Knobias ClipReport
MEMY: To Be Acquired by Roche for $0.61 Per Share in Cash
By Fain Hughes, fhughes@knobias.com
Roche and Memory Pharmaceuticals (MEMY) have signed a definitive merger agreement for Roche to acquire all the outstanding shares of Memory Pharmaceuticals in an all-cash transaction for an aggregate price of approximately US$50 million.
Under the terms of the merger agreement, Roche will commence a tender offer to acquire all of the outstanding shares of Memory common stock at a price of $0.61 per share in cash. Following completion of the tender offer, Roche will acquire all remaining shares through a second step merger. Directors, officers and stockholders holding approximately 29.5% of the outstanding shares have agreed to tender their shares and otherwise support the transaction.
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