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Advent withdraws $ 8 billion bid for Swedish pharmaceutical company Soviet by Reuters

© Reuters. File Photo: Singapore’s Sovereign Wealth Fund GIC Pte Ltd logo is displayed on the Singapore building on July 6, 2017. REUTERS / Darren Whiteside / File Photo

Stockholm (Reuters)-US private-equity fund Advent International and Singapore’s sovereign wealth fund announced on Friday that they would withdraw their bids on Swedish pharmaceutical company Orphan Biobitrum (Sobi).

In September, Sobi agreed to acquire Agnafit Bidco for $ 8 billion by Advent and Aurora, investment vehicles of GIC Pte Ltd in Singapore.

“Agnafit Bidco withdraws the offer here because the acceptance level requirements are not met,” Agnafit Bidco said in a statement.

According to Agnafit, about 87.3% of Sobi’s outstanding shares have been bid, below the 90% or higher requirement.

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Advent withdraws $ 8 billion bid for Swedish pharmaceutical company Soviet by Reuters

Source link Advent withdraws $ 8 billion bid for Swedish pharmaceutical company Soviet by Reuters

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