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Biotechnology company Cellestis Ltd (ASX:CST) has recommended a $341 million takeover bid from Netherlands-based drug developer Qiagen.
Qiagen has offered Cellestis shareholders $3.55 per share representing a premium of 24 per cent to the one month average price.
Cellestis has entered a scheme of implementation deed and its directors have unanimously recommended that shareholders vote in favour of the proposal.
Cellestis CEO Anthony Radford says a takeover would enable Cellestis to accelerate its growth and offer even greater benefits to patients and healthcare providers.
At the end of last week shares in Cellestis closed at $3.00.
In the first six months of the 2011 financial year, Cellestis posted a net profit of $4.1 million.
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