Good work.Friendly bid for Lipa Pharmaceuticals at 95c a...

Good work.

Friendly bid for Lipa Pharmaceuticals at 95c a share
12:00, Friday, August 03, 2007

Sydney - Friday - August 3: (RWE Australian Business News) -
Following a review of strategic options to enhance shareholder value,
Lipa Pharmaceuticals Ltd (ASX:LIP) has entered a scheme implementation
agreement with Hong Kong-based CK Life Sciences Int'l Inc to acquire
Lipa for 95c cash per share.
The scheme of arrangement will require the approval of Lipa
shareholders and the court.
Lipa says the 95c cash price represents a 25.3pc premium to
Lipa's average price for the the five days before the May 17
announcement of the strategic review, and a 21.8pc premium to Lipa's
closing price on August 1.
All the directors of Lipa, including Gorge and Stanika Jovanov
who hold 52pc of Lipa's shares, intend to vote in favour of the scheme.
The offer values Lipa, on an enterprise value basis, at about
$114m based on a $90.8m equity value plus $23.4m of net debt.
Lipa shares last traded at 80c and were to resume at 12.40pm.