>>QLT Denies It Got Reported Buyout Offer
Tuesday August 29, 3:52 pm ET
QLT Denies Report It Was Targeted by Buyout Offer From Private Equity Group in February
NEW YORK (AP) -- Canadian biopharmaceutical company QLT Inc. on Tuesday denied a report that it received a buyout offer from a private equity group in February, after the report drove the company's shares up earlier in the day.
The Vancouver-based company saw shares jump 26 cents, or 3.4 percent, to $7.85 on the Nasdaq in afternoon trading. Earlier in the session, the stock rose as high as $8.15. The stock has traded between $5.93 and $9 over the last 52 weeks.
On Tuesday, the Toronto-based Globe and Mail reported that a private equity group led by shareholder Rodney O'Connor offered a in February to buy out QLT and take it private. The newspaper reported that the group offered a premium to the company's market value of $669 million, but that QLT rebuffed the offer.
However, QLT spokeswoman Therese Hayes said the company has never received an offer from Rodney O'Connor. She said that the company has disclosed in previous filings that it has received offers surpassing the market value, and could receive others.
Hayes added the company is not involved in any negotiations involving a buyout offer, and declined to detail past buyout offers.
In July, the company announced it would buy back up to 13 million shares of common stock -- or 15 percent of its outstanding shares -- in a modified "Dutch Auction" tender offer for a maximum total price of $104 million.<<
So someone is lying, can't tell which party. Some sort of gamesmanship going on here.
Cheers, Tuck |
