December 8, 2012 2:13 am

Intrexon bids for the rest of Aqua Bounty

Aqua Bounty Technologies, the Aim-quoted developer of genetically engineered AquAdvantage salmon, this week confirmed that it had received a formal bid of 7.6p a share for the rest of its business from Intrexon, a private US biotechnology company.

The bid was triggered by Intrexon’s acquisition last month of 47.5 per cent of Aqua Bounty.

Intrexon is injecting $500,000 as a short-term bridge loan to cover the company’s working capital requirements until the spring and a further equity fundraising can be completed.

Aqua Bounty’s board said it cannot make a recommendation to shareholders but two directors, including the chairman, said that they would not sell their 1.34 per cent to Intrexon as they believe the company should remain public.

The shares, which have doubled this year, were unchanged at 7.25p on the announcement.

Copyright The Financial Times Limited 2014. You may share using our article tools.
Please don't cut articles from FT.com and redistribute by email or post to the web.

NEWS BY EMAIL

Sign up for email briefings to stay up to date on topics you are interested in

SHARE THIS QUOTE