Looks like another munch in which all but the best bottom fishers will get hosed:
>>PARIS, June 21 /PRNewswire-FirstCall/ -- Genset S.A. (Nasdaq: GENXY; Euroclear: 5433) confirms that discussions concerning a possible major strategic transaction continue. The preliminary discussions contemplate that a third party would offer to acquire all the ordinary shares, American Depositary Shares (ADSs) and convertible bonds of the Company for cash. Although there is no certainty as to whether the discussions will result in an offer by the third party or as to the terms of the potential offer, the potential acquirer has informed the Company that no offer will be made unless the shareholders of Genset vote to eliminate the 20% cap on voting rights presently contained in Article 19.5 of the Company's bylaws at the general meeting of the shareholders to be held on Wednesday, June 26. The Company expects to receive more specific terms concerning the offer, if any, by the end of the day on Tuesday, June 25. The trading of the Company's shares and convertible bonds on Euronext and of its ADSs on Nasdaq will continue to be suspended until at least the completion of its shareholders' meeting on Wednesday, June 26.
About Genset: Genset is a genomics-based biotechnology company focused on generating a pipeline of drug targets and drug candidates in the areas of CNS and metabolic disorders. Genset has successfully used its integrated technology platform and association studies approach to identify and characterize drug targets and drug response markers in the fields of CNS, metabolic and other diseases. Building upon the expertise accumulated in various alliances with pharmaceutical partners and its portfolio of genomic patents, Genset discovers and validates novel drug targets and candidates for its own account. Its teams have already discovered and launched the development of a lead protein candidate in the metabolism field named Famoxin, and are continuing their research with a view to discovering and developing other drugs.<<
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Cheers, Tuck |
