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Arpida Ltd today announced that it has entered into a definitive agreement to combine its business with that of Evolva SA.
The combination agreement sets out the details of the proposed transaction and has been approved by the Boards of Directors of both companies and by investors, holding a majority of Evolva AG’s shares.
In addition, independent valuation experts assessed Evolva SA’s business activities and concluded that the value, attributed to Evolva’s contribution in the proposed merger, fairly reflects its market value.
The signing of the combination agreement is another important step in the process leading up to the proposed merger that was first announced on 10 September 2009.
The combination is subject to the satisfaction of certain closing conditions such as approval by the Arpida shareholders.
Arpida’s Extraordinary General Meeting (EGM) will take place on 26 November 2009 at 10.30 am at the Company’s premises in Reinach (BL), Switzerland.
The agenda item have been published today at the Company’s website. The registered shareholders of Arpida will receive the invitation to the EGM in the coming days.
Dr André Lamotte, Chairman of the Board of Directors of Arpida Ltd, commented: “We will be presenting a balanced and fair proposal for the intended merger to our shareholders at our upcoming EGM. The Arpida Board fully supports the merger and is convinced of the strategic and financial merits of the deal. The success of Evolva’s recent fundraising further underpins this conviction. Evolva has asked me and my fellow Board member Michel Pettigrew to remain on the Board of the combined company after completion of the transaction. We are honoured by this nomination and are looking forward to this new era.”