One of Sigma Pharmaceuticals Ltd
(ASX:SIP) largest shareholders says the company should hold out for a better offer, believing Aspen Pharmacare’s offer of 55 cents a share too low.
Yesterday Aspen Pharmacare made an offer of 55 cents a share for Sigma, valuing the company at $648 million.
The new offer is lower than in its initial bid of 60 cents a share for the company.
According to the Australian Financial Review Orbis Australia, who holds an 8.2% stake in Sigma, says the offer is less than generous and Sigma should negotiate a higher price.
Reports say that it is likely Sigma will reject the offer, with the Fin Review reporting incoming CEO Mark Hooper saying a turnaround of the business would deliver greater value for shareholders than Aspen’s offer.
Sigma Pharmaceuticals reported a loss of $389.04 million for the year ending 30 January 2010.
