Mayne Pharma Wins Court Battle Over Cosette's Takeover Offer
Mayne Pharma (ASX:MYX) has gained a victory in its takeover battle with Cosette Pharmaceuticals after the NSW Supreme Court rejected Cosette's attempt to retract from its $672 million scheme arrangement.
“Mayne Pharma will now take all steps within its power to implement the scheme,”
The court dismissed Cosette's claims of a "material adverse change" in Mayne's performance, allowing the scheme to proceed subject to certain conditions, including FIRB approval and NSW Supreme Court approval at the second court hearing.
- Cosette's $672 million takeover offer was initially accepted, but later attempted to be retracted.
- The NSW Supreme Court ruled in favor of Mayne Pharma, dismissing Cosette's claims.
Author's summary: Mayne Pharma wins court battle over takeover offer.