High Court rules that Evotec can buy Cyprotex

13th Dec 2016 11:58

(ShareCast News) - The High Court on Tuesday sanctioned the scheme of arrangement for German drug discovery company Evotec to buy AIM-listed biosciences firm Cyprotex.The court ruled that Frankfurt-listed Evotec could buy the entire issued, and soon to be issued, share capital of Cyprotex by way of a scheme of arrangement under the Companies Act 2006.The acquisition needed the approval of shareholders and the court as on completion Cyprotex will become a subsidiary of Evotec and re-registered as a private limited company.The scheme is to become effective on 14 December, when a court order is expected to be delivered to the registrar of companies and when Cyprotex's shares will be suspended from trading on AIM. They will be cancelled on 15 December.Shares in Cyprotex were up 0.63% to 160.50p at 1207 GMT and shares in Evotec were down 0.08% to 6.66 cents at 1201 GMT.