Overview

• The ruling prevents the U.S. buyer from terminating its offer and keeps the transaction alive pending Foreign Investment Review Board review.
• Mayne said it will take all steps within its scope to implement the scheme.
• Cosette had sought to end the agreement citing a purported material adverse change tied to Mayne’s trading update and an FDA letter.
• The offer values Mayne at A$7.40 per share, and the stock rose as much as 14.8% to A$6.50 after the decision.
• Remaining conditions include FIRB clearance and a second New South Wales Supreme Court hearing set for Oct. 22, and Cosette did not immediately comment.