Avid Bioservices Inc., a Tustin-based contract manufacturer of biologics, said its shareholders approved a proposal to be bought for $12.50 a share (Nasdaq: CDMO).
GHO Capital Partners and Ampersand Capital Partners proposed buying the company in November in an all-cash transaction of $1.1 billion. With today’s stockholder approval, all regulatory approvals have been received and the company expects the transaction to close in the coming days.
“We thank our stockholders for their support through our time as a public company and the duration of this process,” Chief Executive Nick Green said in a statement. “We look forward to completing the transaction and delivering significant, immediate and certain cash value to our stockholders.”
Shares closed today at $12.46, indicating investors believe the deal will be closed. The company has a $797 million market cap, according to Nasdaq.