Cambrex announces expiration of 'go-shop' period in Permira funds merger
Cambrex announced the expiration, as of 12:01 a.m., Eastern Time, on September 22, of the 45-day "go shop" period under the previously announced Agreement and Plan of Merger, dated as of August 7, which provides for the company to be acquired by an affiliate of the Permira funds in an all-cash transaction for $60.00 per share. At the direction of the ad hoc committee of the company's Board of Directors, the company's financial advisor engaged in solicitation of 77 potential bidders, which resulted in eight potential bidders each entering into a confidentiality agreement with the company. Each of the eight parties that entered into a confidentiality agreement with the company was provided access to nonpublic information regarding the company and the opportunity to have access to company management. As of the expiration of the go-shop period, the company had not received any alternative acquisition proposals, including from any of the eight parties that entered into confidentiality agreements. Upon the expiration of the go-shop period and in accordance with the terms of the Merger Agreement, the company became subject to customary "no-shop" restrictions on its ability to solicit acquisition proposals from third parties or to provide information to and engage in discussions with a third party in relation to an alternative acquisition proposal, subject to certain customary exceptions. The proposed merger is expected to close during the fourth quarter of 2019, subject to customary closing conditions including Cambrex stockholder approval and regulatory approvals.