Radiotherapy and radioisotope developer Eckert & Ziegler Isotope Products of Berlin has filed papers in Belgium to take over the remainder of brachytherapy device developer International Brachytherapy (IBt) that it doesn't already own.
Eckert & Ziegler joined with fellow IBt shareholder Steglitz MedInvest (SMI) to offer to buy 11 million shares of IBt at a price of 3.64 euros ($5.23) per share. The total value of the deal is 40 million euros ($57.5 million) and it's expected to be completed by the end of January 2010.
The bid should end litigation regarding ownership of IBt that has been swirling for the past 12 months. The Belgian financial authority CBFA earlier this year ordered Eckert & Ziegler and SMI to take over the rest of IBt; this week's deal will satisfy the terms of that order, Eckert & Ziegler said.
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