SPENCER PHARMACEUTICAL INCORPORATED (OTC: SPPH)
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Spencer Pharmaceutical Inc. is a US-based Pharmaceutical Research and Development Corporation, which is developing innovative drug release and absorption systems for the treatment of metabolic diseases such as diabetes and metabolic syndrome.
SPPH News:
November 15 - Spencer Pharmaceutical Provides Supplemental Information on $0.97 Buyout Offer
Spencer Pharmaceutical Inc. (OTC: SPPH) provided its shareholder with supplemental information on the $0.97 per share buyout offer.
According to ongoing negotiations, the offering party has stipulated that the Buyout was for 100% of the shares and that upon an agreed timeline that the shares will be required to be tendered by all shareholders. They have also stated that they reserved the right to acquire shares in the open market prior to the closing of the transaction. They have assured that they would place the funds into escrow and a mutual timeline was to be established. The objective of the offering party is to take the company private as at the close of the transaction. The company expects to receive the approval by the offering party to release their name and contact information on or before November 25, 2010.
"We are moving in the right step to assure a transaction is concluded for our shareholders," said Dr. Max Arella, President of Spencer Pharmaceutical Inc. "We understand that there is a lot of scientism with the planned transaction because of the confidentiality of the buyer and we can only assure our shareholders that we are working diligently and in good faith. The offering party is not an American company and the cultural differences and language sometimes require more attention," further added Dr. Arella.