StockMarketWire.com - Healthcare company Consort Medical said it had reached an agreement on the terms of a takeover offer tabled by Sweden's Recipharm that valued the company at about £505m.

Each Consort shareholder would receive £1.01 per share, representing a 39.1% premium to their closing price of 726p on Friday.

The terms of the proposed acquisition valued the entire issued and to be issued ordinary share capital of Consort at about £505m on a fully diluted basis and implied an enterprise value of £627m.

Recipharm estimated that within 18 months after completion, SEK 125m, or approximately £10.1m in annual cost synergies would be realised, with the potential for additional cost and revenue synergies in the medium to long term.

'We believe that Recipharm's businesses are highly complementary to our own and the board intends to unanimously recommend the offer from Recipharm which represents a 39% premium to our share price,' said Consort chairman Christopher Brinsmead. At 9:37am: [LON:CSRT] Consort Medical PLC share price was +314p at 1040p



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