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LONDON - Intrepid Bidco Limited has secured acceptances representing 5.84% of Inspired PLC’s issued share capital as of August 8, according to an announcement made Monday.
The acceptance level update follows the lapse of a competing offer from Regent Acquisitions 2025 Limited on August 8, after Regent failed to satisfy its acceptance condition.
Intrepid Bidco, a newly formed company indirectly owned by funds managed by HGGC, LLC, launched its recommended cash offer for the entire issued and to-be-issued share capital of Inspired on June 26.
In addition to the 9,328,555 Inspired shares already accepted, Bidco has received valid acceptances for 100% of Inspired Share Options, approximately 70.84% of Inspired Warrants, and 100% of Inspired Convertible Loan Notes.
Following the lapse of Regent’s competing offer, Bidco has received a letter of intent from Regent Group to accept the Intrepid offer for its 46,865,710 Inspired shares, representing approximately 29.36% of Inspired’s issued share capital.
In total, Bidco has now received irrevocable undertakings or letters of intent for approximately 68.06% of Inspired’s issued share capital, along with commitments for 45,341,444 Inspired Warrants and £5,000,000 in Convertible Loan Notes.
Bidco has waived down its initial acceptance threshold to 51.88% of voting rights from the original 64.03% requirement, taking into account acceptances of dilutive securities.
The offer remains subject to outstanding conditions and is open until 1:00 p.m. on September 9, 2025, though this date may be adjusted in accordance with takeover regulations.
The information is based on a press release statement from Intrepid Bidco Limited.
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