UPDATE 1-Avid Bioservices to be taken private by GHO, Ampersand in $1.1 bln deal

Reuters

2024/11/07

(Adds details in paragraphs 2-5)

Nov 6 (Reuters) - Avid Bioservices said on Wednesday that it would be acquired by funds managed by GHO Capital Partners and Ampersand Capital Partners in a deal valued at about $1.1 billion.

GHO and Ampersand have offered $12.50 per share in cash, representing a premium of 13.8% to Avid's last closing price.

The transaction is expected to close in the first quarter of 2025.

"In evaluating this transaction, our board considered a range of alternatives and determined that it provides our stockholders significant, immediate and certain cash value for their shares," Avid CEO Nick Green said.

Upon completion of the transaction, Avid common stock will no longer be listed on any public stock exchange. The company will continue to operate under the Avid name and brand.

Avid is a contract manufacturer that provides clinical and commercial manufacturing services to the biotechnology and biopharmaceutical industries.

(Reporting by Sneha S K in Bengaluru; Editing by Shailesh Kuber and Anil D'Silva)

((Sneha.SK@thomsonreuters.com;))

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The company will continue to operate under the Avid name and brand.</p><p>       Avid is a contract manufacturer that provides clinical and commercial manufacturing services to the biotechnology and biopharmaceutical industries. </p><p> (Reporting by Sneha S K in Bengaluru; Editing by Shailesh Kuber and Anil D'Silva)</p><p>((Sneha.SK@thomsonreuters.com;))</p></body></html>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CDMOP","symbol_name":"Avid Bioservices, Inc. 10.50% Series E Convertible Preferred","start_time":0,"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","article_id":"2481964191","we_media_id":"1036604489","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481964191","pubTimestamp":1730935681,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"summary":"(Adds details in paragraphs 2-5)      Nov 6 (Reuters) - Avid Bioservices    said on Wednesday that it would be acquired by funds managed by GHO Capital Partners and Ampersand Capital Partners in a dea","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"CDMOP":"Avid Bioservices, Inc. 10.50% Series E Convertible Preferred","BK4139":"生物科技"},"translate_title":"更新1-Avid Bioservices将被GHO和Ampersand以11亿美元的交易私有化","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CDMOP":1},"content_text":"(Adds details in paragraphs 2-5)      Nov 6 (Reuters) - Avid Bioservices    said on Wednesday that it would be acquired by funds managed by GHO Capital Partners and Ampersand Capital Partners in a deal valued at about $1.1 billion.   GHO and Ampersand have offered $12.50 per share in cash, representing a premium of 13.8% to Avid's last closing price.        The transaction is expected to close in the first quarter of 2025.       \"In evaluating this transaction, our board considered a range of alternatives and determined that it provides our stockholders significant, immediate and certain cash value for their shares,\" Avid CEO Nick Green said.        Upon completion of the transaction, Avid common stock will no longer be listed on any public stock exchange. The company will continue to operate under the Avid name and brand.       Avid is a contract manufacturer that provides clinical and commercial manufacturing services to the biotechnology and biopharmaceutical industries.  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