Spencer Pharmaceutical Formalizes Buyout Offer With Al-Dorra
Marketwire “Press Releases”
BOSTON, MA — (MARKET WIRE) — 12/10/10 — Spencer Pharmaceutical Inc. (PINKSHEETS: SPPH) announced today that is has formalized the buyout offer with the Al-Dorra Group as a successful results of meetings held in Montreal, Canada over the past week.
According to the terms of the formal buyout offer, Al-Dorra will acquire Spencer Pharmaceutical for $245 million USD on an all cash transaction to close on or before March 17, 2011 . As per the terms of the formal offer, Al-Dorra reserves the right to acquire shares in the open market and Al-Dorra will deposit $500,000 in the company’s account to be used to pay legal fees, and expenses associated with the ongoing business operations of Spencer Pharmaceutical .
“We are very satisfied with the terms of the buyout offer as it is very beneficial to our shareholders,” said Dr. Max Arella , President of Spencer Pharmaceutical Inc. “I would personally like to thank His Excellency Hussein Al-Awaid for his time and travel commitment in formalizing the agreement with our board on behalf of our shareholders,” further added Dr. Arella.