Shares of biopharmaceutical company Liminal BioSciences (NASDAQ:LMNL) are skyrocketing today after it entered into an arrangement agreement with Structured Alpha LP (SALP). Under the deal, Structured Alphas will acquire all outstanding and issued shares of LMNL (which it does not already own).
According to the terms of the transaction, Liminal investors will get $8.50 per share in cash. SALP had made an initial non-binding acquisition proposal for Liminal at $7.50 per share in April and the $8.50 per share consideration offers a massive 135% premium over the stock’s April 4 closing price.
The arrangement has received support from Liminal’s Board and offers immediate value to the company’s minority shareholders. The deal is subject to conditions and approval from Liminal’s investors and is anticipated to close no later than September 30, 2023.
Shares of the company are up a massive 39.5% today already. That’s on top of a 51.8% price surge in LMNL shares over the past six months alone.
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