Assertio Completes Zydus Lifesciences Merger, Triggers Convertible Note Fundamental Change
ASRT has more than doubled off its 52-week low of $8.61.
Summary
Assertio Holdings announced the completion of its merger with Zydus Lifesciences. This finalizes the acquisition, which was initially announced on May 13th for $23.50 per share, and follows the successful tender offer indicated in SEC filings earlier today. The completion means Assertio will cease to be an independent public company. This event also triggers a "Fundamental Change" and "Make-Whole Fundamental Change" for its outstanding 6.50% Convertible Senior Notes due 2027, impacting bondholders.
At the time of this announcement, ASRT was trading at $23.50 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $151.9M. The 52-week trading range was $8.61 to $23.50. This news item was assessed with neutral market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.