Shares in Sigma Pharmaceuticals (ASX:SIP) have jumped in value over 16% today on the disclosure it has received a $0.55 per share takeover offer from Africa's Aspen Pharmacare Holdings.
The all-cash offer will only apply if Sigma will not stand to lose lose any customers or financing arrangements as a result of the merger. The deal also requires regulatory, shareholder, court and due diligence approval.
As a result of the announcement, Sigma shares jumped 16.46% to $0.46. The company's stock has a 52-week high of $1.28 and a low of $0.34.
The Sigma board said it was evaluating the takevoer bid, and has advised shareholders to take no action at this time.
Sigma and Aspen will extend their recently lapsed exclusivity arrangements until August 2.
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