Arab Today, arab today dutch dsm\s bid kensey nash successful
Last Updated : GMT 12:18:08
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Dutch DSM\'s bid Kensey Nash successful

Arab Today, arab today

Arab Today, arab today Dutch DSM\'s bid Kensey Nash successful

The Hague - AFP

Dutch pharmaceutical group DSM said Tuesday it was completing a friendly takeover of American-based medical company Kensey Nash in a multi-million-dollar deal, after buying a majority of its shares. \"It has been successful: we currently have an 82 percent stake in Kensey Nash, enough to complete the acquisition before long,\" DSM spokesman Herman Betten told AFP. The deal was done through a friendly tender offer -- announced on May 3 for a total value of $360 million (285 million euros) at 38.50 dollars per share -- which expired Monday. The group, based in Heerlen in southern Netherlands, said it made the acquisition to strengthen its biomedical segment. Based in Exton Pennsylvania, Kensey Nash employs around 325 people and specialises in collagen and synthetic polymer medical technology. DSM employs some 22,000 people globally and manufactures products as diverse as nutritional supplements including a new way of fortifying sugar with Vitamin A, to pharmaceuticals, electronics and paints.

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