Shares of biopharmaceutical company Liminal BioSciences (NASDAQ:LMNL) are trending upward today after it received a non-binding acquisition proposal from Structured Alpha (SALP).
SALP has proposed to acquire all outstanding and issued shares of the company at $7.50 per share. It already owns about 1.99 million shares of LMNL making up nearly 64% of LMNL’s outstanding float.
Further, the $7.50 per share tag represents a hefty 107% premium over LMNL stock’s last closing price of $3.62. LMNL’s board is reviewing the proposal and has formed a special committee of independent members to mull over the proposal.
With today’s price gains, LMNL shares are already trading at levels last seen in May 2022.
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