Radiotherapy and radioisotope developer Eckert & Ziegler Isotope Products of Berlin plans to file an appeal this week to block a decision by the Belgian securities regulator (CBFA) for the company to begin a mandatory public takeover bid on International Brachytherapy at 3.47 euros ($4.85 U.S.) per share.
If the Court of Appeal of Brussels rules against Eckert & Ziegler, the mandatory public takeover bid would have to start within 40 business days after the appeals court ruling.
The case stems from a claim by Creafund II, a shareholder of International Brachytherapy (IBt) of Brussels, to the Court of Appeal of Brussels that asserts Eckert & Ziegler should be required to launch the mandatory public takeover bid. IBt also is a subsidiary of Eckert & Ziegler.
Belgian law requires that a person or a company that acquires more than 30% of a company's voting shares must make a bid for all securities. An indirect acquisition of control also can result in a mandatory takeover bid.
Eckert & Ziegler maintains that it has not violated any laws and plans to defend its position that no public takeover bid is required under applicable rules.
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