Probiotec entered into a binding scheme implementation deed with Indonesia's PT Pyridam Farma and its wholly-owned Australian subsidiary, PYFA Australia, to acquire 100% of Probiotec's share capital through a scheme of arrangement.
Shareholders are set to receive a cash consideration of $3 per Probiotec share.
Probiotec's independent board committee recommends shareholder approval of the scheme, with the company having the option to declare dividends under specified conditions.
The proposed scheme is subject to regulatory approvals, shareholder consent, and customary conditions with Probiotec shareholders.
If implemented, the scheme is anticipated to be completed by June 30, 2024.