Singular Genomics Systems (OMIC) said late Thursday that it received an "unsolicited non-binding" proposal from Concentra Biosciences to acquire all of its outstanding shares of common stock for $12 apiece in cash.
An alternative proposal for Singular stockholders that Concentra would consider is to give a contingent value right for $12 per share in cash, enabling them to continue to participate in "any future value realized from the company's ongoing business."
The contingent value right is only available if enough Singular shareholders are interested.
Tang Capital is Concentra's controlling stockholder and beneficially owns about 14.9% of its outstanding common stock, the company said, citing a Thursday filing with the US Securities and Exchange Commission.
The company said a special committee evaluating its strategic alternatives would look at the Concentra proposal and other offers that have been or may be submitted.
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