Bluebird bio is still awaiting a binding takeover bid from Ayrmid Ltd., three weeks after Ayrmid announced a $45 million offer—$15 million higher than the existing bid from SK Capital and Carlyle Group. Despite Bluebird extending the deadline to April 15, Ayrmid has yet to provide committed financing or submit a binding offer. Bluebird’s board chair Mark Vachon stated that Ayrmid’s proposal remains “highly conditional,” and in regulatory filings, the company confirmed Ayrmid has not secured funding but expects to update soon.
In contrast, Bluebird’s board continues to recommend the SK Capital and Carlyle deal, valued at nearly $30 million, offering $3 per share in cash and a $6.84 per share contingent value right (CVR). Ayrmid’s offer includes $4.50 per share upfront, plus the same CVR. If Bluebird terminates the SK/Carlyle agreement, it may owe up to $1.5 million in fees.
Bluebird agreed to go private in February after warning it was close to loan default. Under the SK/Carlyle deal, former Ipsen CEO David Meek would lead Bluebird, with funding supporting commercialization of its three gene therapies for sickle cell disease, beta thalassemia, and cerebral adrenoleukodystrophy. Bluebird shares have dropped 80% in the past year, and fell 7% on Wednesday.
Source:
https://www.biopharmadive.com/news/bluebird-ayrmid-takeover-offer-deadline/745543/
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