Sygen shareholders warm to Genus

A bid from bovine genetics firm Genus to take over pig and shrimp breeder Sygen International has received an overwhelming endorsement from Sygen shareholders.

As of 25 November, 87% had either sold or committed to sell their shares to Genus for 63.2p each.

Barring an unlikely last-minute hiccup the required 90% will have agreed to the deal, which values Sygen at about 187m, by the closing date of midnight Thursday, 1 December.

Once the 90% barrier has been reached, Genus can buy the balance of Sygen’s stock compulsorily.

• Interim figures for Genus show a 6% increase in pre-tax profits before exceptional items to 4.3m for the six months ending 30 September. Turnover increased by the same amount to 96.7m.

Almost 47% of Genus’s turnover came from bovine genetics, while animal health provided 40% and development consulting contributed 13.4%.