company focused on assisted reproductive technologies, announced today that its Board of Directors does not believe that the un-invited shares-for-shares offer made by Vitrolife on January 14th.
value of the MEC share is substantially below what the Medicult Board of Directors believes is a fair valuation of its shares. Specifically the offer places no value at Medicult pipeline of projects within the field of IVF products and well-defined media for stem cells applications. Furthermore, no fair value seems to be reflected of the full positive benefits of the recent acquisitions in US.
scepticism is that the structure of the offer is a shares-for-shares deal. As the Board is uncertain as to the evaluation of the shares in Vitrolife it is the opinion of the Board that it should only recommend to its shareholders a deal-structure that is either all cash or with a significant cash-component.
the interests of Medicult and to evaluate its strategic alternatives, the Board of Directors intends to hire an investment bank as its advisor.
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