Acorda Therapeutics, Inc. (Nasdaq: ACOR) ("Acorda") has on 11 April 2016 announced that it will complete the tender offer to purchase all of the issued and outstanding shares, American Depositary Shares, stock options, share units and warrants in Biotie Therapies Corp (Nasdaq Helsinki: BTH1V; Nasdaq: BITI) ("Biotie" or the "Company") that are not owned by Biotie or any of its subsidiaries.
Title to 92,36 percent of all the shares and votes in Biotie, excluding the treasury shares held by Biotie, has now transferred to Acorda in accordance with the terms and conditions of the tender offer. As a result, Acorda has today informed Biotie that the redemption right and obligation under the Finnish Limited Liability Companies Act in respect of the Biotie shares held by the minority shareholders has arisen.
According to Acorda, it will initiate arbitral proceedings as provided in the Finnish Limited Liability Companies Act to effectuate the redemption of the Biotie shares held by minority shareholders. In such redemption proceeding, the redemption price for the shares is EUR 0.2946 per Share, which is the same price as the consideration paid by Acorda in the tender offer.
Title to 92,36 percent of all the shares and votes in Biotie, excluding the treasury shares held by Biotie, has now transferred to Acorda in accordance with the terms and conditions of the tender offer. As a result, Acorda has today informed Biotie that the redemption right and obligation under the Finnish Limited Liability Companies Act in respect of the Biotie shares held by the minority shareholders has arisen.
According to Acorda, it will initiate arbitral proceedings as provided in the Finnish Limited Liability Companies Act to effectuate the redemption of the Biotie shares held by minority shareholders. In such redemption proceeding, the redemption price for the shares is EUR 0.2946 per Share, which is the same price as the consideration paid by Acorda in the tender offer.
