Biosearch

shares

soared more than 41% in the early stages of the session this Monday after

Kerry Iberia Taste & Nutrition

, a company wholly owned by Kerry Group, announced a voluntary takeover bid (OPA) on all of the shares of the Spanish biotech company for an amount of up to

126.93 million

euros.

Specifically, after knowing the operation, Biosearch shares

bounced 41.06%

after 9.15 am, reaching a price of 2.13 euros.

The offer of the Irish company is made on a total of 57,699,522 shares at a price of

2.20 euros per share

payable in cash, which represents

a premium of 45.7%

compared to last Friday's closing (1.51 euros).

In order to ensure compliance with the obligations resulting from the offer, Kerry Iberia Taste & Nutrition will present to the CNMV a guarantee granted by BNP Paribas for an amount of 126.93 million euros.

In addition, Kerry Iberia Taste & Nutrition ensures that it has sufficient debt and capital commitments to face the full payment of the consideration of the offer, whose price meets the requirements to be considered as 'fair price', subject to confirmation by the CNMV .

The effectiveness of the offer is subject to the acceptance thereof by holders of securities representing at least 50% of the capital of Biosearch plus one share, that is, 28,849,762 shares.

Likewise, Kerry Iberia Taste & Nutrition has decided to condition the effectiveness of the offer on obtaining the necessary authorizations, declarations of non-opposition or verifications regarding the defense of competition.

In this sense, the company will request its authorization from the General Directorate of International Trade and Investments of the Ministry of Industry, Trade and Tourism and the CNMV will not pronounce itself until such obtaining is accredited.

GRUPO LACTALIS IBERIA WILL ACCEPT THE OFFER.

Grupo Lactalis Iberia, Biosearch shareholder,

has irrevocably committed to accept the offer

in relation to its 17.02 million shares representing 29.50% of the capital of the biotech company.

As of the date of this application, neither Kerry Iberia Taste & Nutrition nor Kerry Group, a company developing flavor and nutritional solutions for the food, beverage and pharmaceutical markets based in Ireland, are direct or indirect holders of any shares in Biosearch. and none of these companies has acquired shares in the biotechnology company during the twelve months prior to the date of this request, according to Europa Press.

Finally, the offering company intends to exercise its right to demand the forced sale of Biosearch shares ('squeeze-out') at the adjusted offer price, which will lead to the exclusion of the shares of the biotechnology company from listing on the Stock Exchanges.

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