The Dutch economic and financial daily Het Financieele Dagblad today has reviewed the press release issued by Belgian-Dutch biotech company Galapagos to announce that Van Herk Investments’ stake in the company has decreased to 9.91% due to dilution. As a direct result, the company is now vulnerable to a takeover by Gilead, which already owns 13% of the group’s shares.
Indeed, pursuant to the Belgian law, shareholders have to own more than 10% shares to oppose a takeover attempt. Now that the only shareholder with more than 10% of Galapagos’ shares is the same Californian biotech, it can start an acquisition program any time now. Galapagos’ shares rose over 5% (Amsterdam) after the announcement, while Gilead’s rose 3% (NASDAQ).
(Source: Het Financieele Dagblad)