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Vancouver nutraceutical firm receives competing bid for assets |
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Friday, 30 July 2010 |
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Vancouver-based Forbes Medi-Tech Inc. (OTCBB:FMTI), which was formerly listed on the Nasdaq, has received a competing bid for its assets.
New Jersey-based Pharmachem Laboratories Inc. has offered to acquire all of Forbes Medi-Tech’s assets for US$1.9 million, exceeding the US$1.4 million offer by MHT LLC announced July 13. Pharmachem’s offer would provide net proceeds to Forbes in the range of $0.14 to $0.19 per share. Forbes’ share price jumped 38.6% to $0.14 a share from Wednesday’s close of $0.101. MHT has the right to match or exceed Pharmachem’s bid within five business days before Forbes’ board is allowed to withdraw its recommendation to shareholders to accept MHT’s bid. The asset sale is part of Forbes’ decision to wind down its business. Shareholders will be deciding on the final bid at a special shareholders’ meeting on August 16, as well as approve liquidation of the company.
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