Mayne Pharma Group's (ASX:MYX) board continues to recommend shareholders accept the scheme implementation deed (SID) to be acquired by Cosette Pharmaceuticals via a scheme of arrangement for AU$7.40 per share, according to a Thursday Australian bourse filing.
The board's recommendation follows the receipt of a purported termination notice from Cosette regarding the SID and is subject to the absence of a superior proposal and an independent expert's conclusion that it is in the best interests of shareholders.
The meeting to vote on the scheme is set for June 18, and the second court hearing is set on Sept. 25, the filing added.
Shares of the company rose past 3% in recent Thursday trade.
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