Forbes Medi-Tech Inc has announced that MHT, LLC has exercised its "right to match", with regard to the offer from Pharmachem Laboratories, Inc. to buy the assets of the Forbes.
With reference to MHT’s exercise of its right to match the Pharmachem offer, Forbes has now agreed to an improved agreement with MHT - with the purchase price payable by MHT for the assets increasing from approximately $1.4m to $1.76m.
The Board of Forbes Medi-Tech, which has specialized in plant sterol development under its Reducol brand, agreed this week agreed to accept the amended MHT offer .
Forbes was putting in place actions to meet contractual obligations, appoint a liquidator to finalize and wind-up its affairs, and distribute the resulting net proceeds to its shareholders.
The Canadian supplier expects net proceeds of the liquidation to be in the range of Cad $0.14 to Cdn $0.19 per share.