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19 Sep 2011

Hail First Pharma's $250M Offer to Acquire Spencer Rejected

Spencer Pharmaceutical said it is in the best interest of shareholders to reject the offer which has not been modified since June.

Hail First Pharma's $250m offer to acquire the newly formed US firm Spencer Pharmaceutical has been rejected. The offer has not been modified since June.

 

Spencer Pharmaceutical specialises in the development of new drug applications.

 

Spencer Pharmaceutical said in a statement that it is in the best interest of shareholders to reject the offer from Hail First, a subsidiary of Kuwaiti firm Al-Dorra Holdings.

 

Negotiations between the two parties have now ceased and Spencer will explore alternative options.

 


 

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