Mandatory offer for Allergy Thera certain not to be accepted

16 October 2023

ZQ Capital Management has made an offer for UK-based Allergy Therapeutics (LSE: AGY), as required by takeover rules.

Earlier in the year, the allergy specialist completed a financing round which made ZQ the company’s largest shareholder, with around 60% of its equity.

As a result of holding more than 30%, under the UK’s Takeover Code, ZQ is required to make a cash offer for the whole company, and has now offered one pence per share, valuing the business at around $58 million.

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