Mayne Pharma to vote on Cosette acquisition despite termination notice
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The news: Mayne Pharma is pushing ahead with a shareholder vote on US-based Cosette’s proposed $672 million takeover despite the suitor saying on Wednesday it had terminated the deal.
The context: Cosette Pharma said it terminated its acquisition of Mayne Pharma on Wednesday because a material adverse change had occurred, but this remains contested by Mayne, which said it could challenge the move in court.
Mayne said on Thursday morning that its scheme meeting, where shareholders will vote on the deal, will still go ahead on 18 June, and it has distributed a supplementary scheme booklet.
However, the Supreme Court has pushed back the scheduled date for a hearing to get final approval if Mayne shareholders vote in favour of the deal, from 20 June to 18 September.
When the scheme implementation deed was announced in February, Mayne Pharma said its legal advisors were Gilbert + Tobin and Arnold & Porter while its financial adviser was Jefferies Australia.
Cosette was getting legal advice from Corrs Chamber Westgarth and Ropes & Gray, while its financial advisers were Santander US Capital Markets and UBS.
The source: ASX
