Intrexon (XON) to Acquire 48% Stake in Aqua Bounty for $6 Million Cash
11/1/2012 7:31:52 AM
BLACKSBURG, Va., Oct. 31, 2012 (GLOBE NEWSWIRE) -- Intrexon Corporation, a synthetic biology company that utilizes its proprietary technologies to provide control over cellular function, today announced that it has entered into a definitive purchase agreement to acquire an approximately 48% interest in AquaBounty Technologies, Inc. (LSE:ABTX), a biotechnology company focused on enhancing the productivity in aquaculture, from existing shareholders. Pursuant to the purchase agreement, Intrexon will purchase 48,631,444 shares from Linnaeus Capital Partners B.V. and its affiliate, Tethys Ocean B.V., for $6 million (US) in cash, or approximately $0.123 per share in cash, which is equivalent to approximately £0.0764 per share. This represents a premium of approximately 49% to the mid-market closing price of AquaBounty's common stock on the date immediately preceding this announcement. Upon the closing of the sale, the founder of Linnaeus Capital, Kakha Bendukidze and three other directors nominated by Linnaeus Capital will resign their seats on AquaBounty's board of directors.