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Advanced Medical Solutions firmly rejects Consort Medical’s verbal offer

Advanced Medical Solutions (AIM: AMS) has confirmed that it received and subsequently rejected an approach from Consort Medical (AIM: CSRT). AMS said it received a verbal indication of a possible offer price, which was firmly rejected by both the board and nominated advisor Investec.

Since rejecting the verbal approach AMS has not received a revised approach, nor to date has it received any formal written offer from Consort. Consequently the board advised shareholders to take no action at this stage and further announcements will be made if necessary.

Earlier this morning, Consort told investors that it made an approach which may or may not lead to an offer being made for AMS.

AMS provides a range of advanced wound-care products under the ActivHeal brand, and through private label distributors. The company’s wound closure and sealants division, AMS, has developed tissue adhesives for closing wounds in the Accident & Emergency and Operating Room areas.

Consort Medical’s product portfolio includes medical device technologies for drug delivery and for the management of patient airways. The company’s King Systems unit is a US manufacturer of medical devices used by anaesthetists and emergency crews to establish and maintain patient airways in both hospital and pre-hospital settings. The Bespak unit develops and manufactures Metered Dose Inhaler (MDI) and Dry Powder Inhaler (DPI) devices to deliver drugs to sufferers of asthma and COPD.

Disclosure: The author holds no positions in the company