The stock of Novartis AG (ADR) (NYSE:NVS) closed at $81.78 gaining 0.75% in yesterday’s trading session. AveXis Inc (NASDAQ:AVXS) is the indirect wholly-owned subsidiary of Novartis and an announcement has been made today revealing that this subsidiary has already started a cash tender offer. And it seeks to buy all the outstanding shares of common stock and hopefully it will be doing that at the value of $0.0001 per share.
A person familiar with the matter but who wanted his identity kept anonymous outlined that the offer will be reaching its expiry at 12:00 midnight and that is of course in reference to the New York City time. However, that is not to rule out the possibility that we might experience an extension.
If all moves accordion to plan, it is expected that Novartis will today unleash a Tender Offer Statement and it is worth noting that it will be on a Schedule TO the Securities and Exchange Commission (the “SEC”) of the United States. It is also expected that the offer will be subject to the customary closing conditions and at this point it is worth noting that it will also be subjected to a number of other crucial conditions forwarded in line with the offer to Purchase.
The one that is at this moment in time serving as the information agent for Purchaser in the Offer is the Innisfree M&A Incorporated. On the part of the depositary and paying agent in the Offer was the American Stock Transfer & Trust Company, LLC which has lately been making much progress.
It is through telephone that Innisfree M&A Incorporated can be accessed and that would provide the perfect opportunity for stockholders to request for documents as well as ask questions relating to the Offer.
The passage of time has witnessed Novartis come across several challenges. That is not uncommon considering that all progressive businesses from one point to the other face challenges. What has always mattered is the way they choose to counter those particular challenges. This company despite the challenges has managed to maintain its equilibrium and is hoping for brighter days ahead.