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http://www.businessspectator.com.au/bs.nsf/Article/Sigma-pd20100706-73N7G?OpenDocument

Aspen's Sigma bid faces uncertain future

Published 3:16 AM, 6 Jul 2010

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Aspen Pharmacare Holdings Ltd's extended exclusivity period with Sigma Pharmaceuticals Ltd ended at the close of business yesterday, with no news on the drugmaker's intentions, The Australian reports.

Aspen had made a $707 million non-binding, indicative and conditional offer takeover offer which valued Sigma at 60 cents per share.

Sigma shares closed yesterday at 39.5 cents.

But several analysts told The Australian Aspen was unlikely to formalise its offer.

"We have always had a view that due diligence would be a significant obstacle for this deal and recent trading would suggest that the market has the same view," UBS healthcare analyst Dan Hurran told the paper.

Analysts have also seen Sigma's appointment of Mark Hooper as managing director as a sign the company will not accept a bid it considers opportunistic, according to The Australian.

Last month, Sigma said the impacts of a poor performance from its generic division could see the pharmaceuticals company fall short of its budget.