Argonaut Technologies, Inc. Broadens Its Agreement to Sell Stock and Certain Assets to Biotage AB
Under the amended agreement Biotage will also take on the employment responsibility for additional Argonaut employees associated with its Process Development Business. On February 21, 2005 the Company entered into a definitive agreement with Biotage AB under which Argonaut Technologies agreed to sell stock and certain assets of its consumables and flash chromatography business for approximately $19.9 million in cash.
The Company will file an amended proxy statement to reflect the new terms and conditions. The agreement with Biotage AB was amended in response to an unsolicited proposal from a third party.
The agreement is part of Argonaut's ongoing effort announced in November 2004 to evaluate and pursue strategic alternatives. Argonaut Technologies intends to distribute a significant portion of the net proceeds received in the sale to stockholders promptly after the closing of the transaction, which is subject to stockholder approval and other customary closing conditions. Argonaut Technologies expects that the stockholder meeting to approve this sale will be held during the second quarter of 2005.
Other news from the department business & finance
These products might interest you
Most read news
More news from our other portals
See the theme worlds for related content
Topic World Chromatography
Chromatography enables us to separate, identify and thus understand complex substances. Whether in the food industry, pharmaceutical research or environmental analysis - chromatography opens up a treasure trove of information about the composition and quality of our samples. Discover the fascinating world of chromatography!
Topic World Chromatography
Chromatography enables us to separate, identify and thus understand complex substances. Whether in the food industry, pharmaceutical research or environmental analysis - chromatography opens up a treasure trove of information about the composition and quality of our samples. Discover the fascinating world of chromatography!