Takeda Pharmaceutical Co. Ltd. now owns 96.08% of voting rights in TiGenix NV after closing of the second acceptance period in its public takeover bid.
In January, the Japanese drugmaker entered into an agreement to acquire the Belgian biopharmaceutical company for about €520 million in cash.
As of the July 3 expiration of the second acceptance period, TiGenix shareholders tendered 272,439,858 ordinary shares, including 20,738,900 ordinary shares represented by American depositary shares, and 12,212,006 warrants. Payment of these securities is expected to begin July 10.
In early June, Takeda closed the first acceptance period for the bid.
The bid comprises two separate offers for Belgium and the U.S. Takeda said the squeeze-out period for the Belgian offer and the U.S. offer will commence July 6 at 9 a.m. Brussels time and 9 a.m. ET, respectively, and is scheduled to expire July 26 at 4 p.m. Brussels time and 10 a.m. ET, respectively.
The results of the squeeze-out period are expected to be published July 31. Payment for the securities tendered in the squeeze-out period is anticipated the same day. Securities not tendered into the squeeze-out will be transferred to Takeda.
Following the squeeze-out, TiGenix will become a wholly owned subsidiary of Takeda and TiGenix's ordinary shares will be automatically delisted from Euronext Brussels. TiGenix also intends to delist the ADSs from the Nasdaq Global Select Market, terminate the ADS facility and terminate its U.S. reporting obligations.