Offer Update

RNS Number : 3865Z

EKF Diagnostics Holdings PLC

18 September 2015

 

EKF Diagnostics Holdings plc

("EKF", the "Company" or the "Group")

Extension to deadline under Rule 2.6(c) of the City Code on Takeovers and Mergers (the "Code")

On 24 August 2015 the board of EKF (the "Board") announced that it had received a proposal from Jinjing (Group) Co., Ltd ("Jinjing") regarding a possible offer for the whole of the issued and to be issued ordinary share capital of the Company. Since this announcement, Jinjing has engaged in an active phase of due diligence with the Company and has requested more time to complete this work.

In accordance with Rule 2.6(a) of the Code, Jinjing was required, by not later than 5.00 p.m. on 20 September 2015, to either announce a firm intention to make an offer for EKF in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.

In accordance with Rule 2.6(c) of the Code, the Board has requested that the Panel on Takeovers and Mergers (the "Panel") extend the relevant deadline, as referred to above, to enable the parties to continue their discussions regarding a possible offer. Accordingly, an extension has been granted by the Panel and Jinjing must, by no later than 5.00 p.m. on 19 October 2015, either announce a firm intention to make an offer for EKF in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Panel.

This additional time will allow Jinjing and the Company to work towards JinJing making an offer which is recommendable to the Company's shareholders.

A further announcement will be made when appropriate. In the meantime, EKF shareholders are advised by the Board to take no action. There can be no certainty that any formal offer for the Company will be forthcoming, nor as to the terms of any such formal offer.

This announcement has been made with the agreement and approval of Jinjing.

Enquiries:

EKF Diagnostics Holdings plc	Tel: [phone]
David Evans, Executive Chairman	Mob: [phone]
Julian Baines, CEO	Mob: [phone]
Paul Foulger, CFO	Mob: [phone]
Panmure Gordon (UK) Limited	Tel: [phone]
Robert Naylor (Corporate Finance)
Paul Fincham (Corporate Finance)
Karri Vuori (Corporate Finance)
Walbrook PR Limited	Tel: [phone] or [e-mail]
Paul McManus	Mob: [phone]
Lianne Cawthorne	Mob: [phone]

 

About EKF Diagnostics Holdings plc - www.ekfdiagnostics.com

EKF Diagnostics Holdings plc was formed in July 2010 following the acquisition of EKF-diagnostic GmbH for €14.32m and refocused its strategy to one of building a substantial point of care diagnostics business. As part of this strategy, the Group has integrated three further acquisitions, Quotient Diagnostics Limited (acquired in September 2010), Argutus Medical Limited (acquired in December 2010) and Stanbio Laboratory L.P. (acquired in June 2011). In 2013 EKF established a new subsidiary, EKF Molecular Diagnostics Ltd, to focus on molecular and companion diagnostics and acquired 360 Genomics Ltd, a business that owns diagnostics technologies for cancer gene detection.

The Company, with its head office in Cardiff and operations in London, Germany, Poland, Russia, Ireland and the US, is a leading diagnostics business, focussing on the development, production and distribution of chemical reagents and analysers for the testing of Glucose, Lactate, Haemoglobin, Haematocrit and HbA1c.

In March 2011 EKF entered into a distribution agreement with Alere Inc ("Alere"), a global diagnostics company, under which Alere was appointed the exclusive distributor of EKF's CLIA waived Hemo Control device and cuvettes in the US, Canada and United Kingdom. The device is distributed in the US under the name HemoPoint H2. 

In March 2014, EKF acquired Separation Technology, Inc., a Florida based manufacturer of in vitro diagnostics devices for the haematology testing market. In April 2014, EKF completed the acquisitions of Selah Genomics Inc., a US based developer of molecular diagnostics for personalised medicine and DiaSpect Medical AB., a Swedish based manufacturer of point-of-care haemoglobin analysers.

 

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