The $12.7 billion diagnostics giant Sonic Healthcare is set to lift its stake in biotech Microba Life Sciences to beyond 19.9 per cent, the maximum permissible shareholding allowed in a listed company in the absence of a takeover bid, as part of an equity raising.
Microba, a developer of testing services and therapies for gut health, launched a $10 million equity raising on Thursday morning, sending out stockbrokers Morgans Corporate and Canaccord Genuity to find buyers at 9¢ apiece, representing a 21.7 per cent discount to the last close. It would be followed by a $2 million share purchase plan.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
