Innovaderma confirms preliminary bid approach to Skinny Tan maker’s board from Creightons was “unani

0 27

Innovaderma PLC (LON:IDP) said it has noted this morning’s announcement from Creightons PLC (LON:CRL) regarding a possible all-share offer for the company and confirmed that a proposal was received on January 27, 2020.


In its own statement, the Skinny Tan firm added that its board “unanimously rejected the proposal on the basis that it significantly undervalued Innovaderma and its standalone prospects”


The company said its board retains this view and no further correspondence has been received from Creightons prior to this morning’s announcement.


READ: InnovaDerma unveils fundraising plans to enhance e-commerce infrastructure, strengthen balance sheet


Innovaderma said its board intends to continue with its proposed fundraising in accordance with the announcement of January 20, 2021, in accordance with the timetable set out therein.


The group said there can be no certainty that an offer will be made for InnovaDerma by Creightons, nor as to the terms on which any such offer might be made, noting that Creightons will have until no later than 5.00pm on March 2, 2020, under Rule 2.7 of the Takeover Code to announce either a firm intention to make an offer for InnovaDerma.


A further announcement will be made if and when appropriate, Innovaderma said.


In its statement released earlier on Tuesday, Creightons said the bid approach was “unequivocally rejected by the Innovaderma Board on 29 January 2021 without affording Creightons the benefit of any further discussion.”


It added: “The Board of Creightons continues to have a serious interest in the possibility of a combination of the two businesses, and is therefore publishing today, in the Appendix to this announcement, the text of its letter to the Board of Innovaderma in order that the shareholders of Innovaderma are directly aware of Creightons’ interest.”


The letter states that “the Company’s current thinking is that a ratio of 2 Creightons ordinary shares for every 3 Innovaderma ordinary shares would be an appropriate basis”.


Based upon the mid-market price per Creightons’ ordinary share as at the close of business on February 1, 2021, of 66p, this would represent a value of 44p per Innovaderma ordinary share and a premium of 3.5% over the mid-market price per Innovaderma ordinary share of 42.5p at the close of business on that date.


Based upon the current issued share capital of Innovaderma (17,393,633 ordinary shares), the number of Creightons ordinary shares so issued would represent approximately 15% of Creightons’ enlarged issued share capital, it added


Creightons said its announcement did not constitute an announcement of a firm intention to make an offer under Rule 2.7 of the Takeover Code and there is no certainty that any firm offer will be made and added that a further statement will be made as appropriate.


Innovaderma saw its shares jump 20% higher to 51p in lunchtime trade on Tuesday. Creightons’ shares were 1.6% lower at 65p.


— Adds Innovaderma statement, updates share prices —

Leave A Reply

Your email address will not be published.