Mayne Pharma Group Limited (ASX: MYX) has announced that its board of directors unanimously recommends shareholders vote in favor of the proposed scheme of arrangement with Cosette Pharmaceuticals, Inc. The announcement follows ASIC registration of the scheme booklet. Under the Scheme, Cosette, through Cosette Australia BidCo Pty Ltd, seeks to acquire all Mayne Pharma shares for $7.40 cash per share.
An independent expert, Deloitte Corporate Finance Pty Limited, has deemed the Scheme fair, reasonable, and in the best interests of Mayne Pharma shareholders, in the absence of a superior proposal. Deloitte Corporate Finance assessed the value of Mayne Pharma shares between $6.61 and $7.99 per share, on a 100% controlling interest basis. The Scheme consideration of $7.40 falls within this valuation range.
The Scheme Meeting is scheduled for June 18, 2025, where shareholders will vote on the Scheme Resolution. If approved and other conditions are met, including court approval and regulatory approvals, the Scheme will become effective. Directors holding Mayne Pharma shares intend to vote in favor, absent a better offer.
The recommendation is based on the premium offered relative to Mayne Pharma’s trading prices, which represents a 37% premium to the closing price on February 20, 2025.