Sigma Pharma Shares Pare Gains on Denial of $686 Million Offer From Aspen

Sigma Pharmaceuticals Ltd. pared gains in Australian trading after denying a Sydney Morning Herald report that South Africa’s Aspen Pharmacare Holdings Ltd. may have offered more to acquire the company.

Media speculation that Aspen made an unconditional takeover bid for Sigma of 65 Australian cents a share “is incorrect,” the Melbourne-based company said in a statement today. Sigma rose 7.8 percent to 48.5 Australian cents, after surging as much as 16 percent in the session.

An offer of 65 cents a share would value Sigma at A$766 million ($689 million), according to Bloomberg data. Durban- based Aspen, Africa’s biggest drug company, made a formal bid of 55 cents a share on July 7, after saying on May 21 that it would offer 60 cents a share.

Sigma is continuing discussions with Aspen, according to today’s statement. “As was previously advised, Sigma continues to consider other business and financial structures to take the group forward, including a number of potential asset sales.”

Aspen may acquire all of Sigma as part of a possible revised deal, the Herald reported, without saying where it got the information.

Shauneen Beukes, an external spokeswoman for Aspen, didn’t immediately return a call seeking comment after hours.

To contact the reporter on this story: Simeon Bennett in Singapore at sbennett9@bloomberg.net

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