Enzo Biochem to be acquired by Battery Ventures for 70c per share in cash

Enzo Biochem (ENZB) announced that on June 23, following the market close, it entered into an Agreement and Plan of Merger to be acquired by Battery Ventures, a technology-focused investment firm, through its newly formed entity Bethpage Parent. Under the terms of the merger agreement, Battery will acquire Enzo for 70c per share in cash, representing a total consideration of approximately $37M. The purchase price represents a premium of 75% to the company’s closing price on April 22, following the announcement of the formation of the special committee of the company’s board of directors to conduct a comprehensive review of value-maximizing alternatives, and a premium of approximately 32% to the closing price on June 23, the last trading day before Enzo entered into the merger agreement. The transaction is subject to customary closing conditions, including shareholder approval. Subject to the satisfaction of these conditions, the transaction is expected to close in the third quarter of the calendar year. All of the company’s officers and directors, as well as the company’s largest shareholder, have executed support agreements to vote all of their shares in favor of the transaction. Following the closing of the transaction, the company will be privately held, and shares of OTCQX: ENZB will no longer be listed on public market exchanges.