British orthopaedic products and services provider Corin Group Plc (LON:CRG) confirmed advanced negotiations over a potential deal to be taken over by 2IL Orthopaedics Limited for GBP0.70 (USD1.12/EUR0.90) a share in cash.
Under UK’s takeover rules, the buyer has been given a deadline until 4 December to decide whether to make a firm offer for Corin, the latter said, adding that the deadline could be extended with consent from the country’s Takeover Panel.
2IL Orthopaedics is a new company, set up by a consortium of private equity investors, including IP Investimenti & Partecipazioni Srl and IDeA Opportunity Fund I in Italy and Hunt Capital SA.
Corin, which issued this statement in response to a recent movement in its share price, warned that there could be no guarantee that the ongoing talks would result in a firm offer being made for its stock.
The company engaged the advisory services of NM Rothschild & Sons Limited.
With operations in the UK, Germany, Austria, Europe, Australia, Japan and the US, Corin makes and distributes orthopaedic devices including mobile bearing total knee replacement, total ankle replacement, soft tissue internal fixation, bone conserving stem and advanced bearing acetabular systems.