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Advent, Aurora withdraws $8 billion bid for Swedish drugmaker Sobi

Published 03/12/2021, 07:48
Updated 03/12/2021, 07:50
© Reuters. FILE PHOTO: The logo for Singapore sovereign wealth fund GIC Pte Ltd, is seen on a building in Singapore July 6, 2017. REUTERS/Darren Whiteside/File Photo

© Reuters. FILE PHOTO: The logo for Singapore sovereign wealth fund GIC Pte Ltd, is seen on a building in Singapore July 6, 2017. REUTERS/Darren Whiteside/File Photo

STOCKHOLM (Reuters) - U.S. private equity firm Advent International and Singapore's sovereign wealth fund on Friday said they are withdrawing their bid for Swedish drugmaker Orphan Biovitrum (Sobi), citing a low acceptance level.

Sobi in September agreed to an $8 billion takeover by Advent and Aurora, an investment vehicle of Singapore's GIC Pte Ltd, through Agnafit Bidco.

© Reuters. FILE PHOTO: The logo for Singapore sovereign wealth fund GIC Pte Ltd, is seen on a building in Singapore July 6, 2017. REUTERS/Darren Whiteside/File Photo

"Since the acceptance level condition has not been fulfilled, Agnafit Bidco hereby withdraws the offer," Agnafit Bidco said in a statement.

Agnafit said shares corresponding to around 87.3% of outstanding shares in Sobi had been tendered, below its condition of more than 90%.

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