LONDON (ShareCast) - (Sharecast News) - Clinical-stage biotherapeutics company PureTech Health launched a proposed $100m tender offer on Monday, aiming to repurchase shares at a fixed price of 250p each, or £25.00 per American depositary share (ADS).
The London-listed firm said the tender offer would close at 1300 BST on 20 June for ordinary shares, and at 1700 EDT on 18 June for ADSs, unless extended.

It said it planned to purchase up to 33.5 million shares, representing about 12% of its issued share capital as of 16 May.

The offer price represented a 25% premium over its three-day trailing volume-weighted average price prior to 19 March, and a 12.6% premium over the closing price on 16 May.

If the full $100m was not used in the tender offer, the board said it intended to return any surplus to shareholders via a special dividend, subject to market conditions and legal restrictions.

The special dividend would be issued without interest and after deducting applicable withholding taxes.

PureTech said completion of the tender offer was contingent on shareholder approval at a general meeting scheduled for 6 June at its Boston office.

At 0952 BST, shares in PureTech Health were up 3% at 226.59p.

Reporting by Josh White for Sharecast.com.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE