Corin set for £30.5m takeover (Insider Media)
Italian consortium 2IL Orthopaedics Ltd has made an offer of £30.5m to acquire orthopaedics manufacturer Corin.
The Cirencester-based business revealed last week it was in "advanced discussions" about a possible takeover with 2IL, a newly incorporated business formed for the purpose of the acquisition.
The deal is to be funded through the existing cash resources of the 2IL shareholders.
Once the deal is declared unconditional, Stefano Alfonsi will be appointed chief executive with current executive chief Peter Huntley leaving the business after assisting with the handover.
Chairman Linda Wilding and non-executive director David Young will also resign from the board once the offer is declared unconditional.
Wilding said: "Under Peter Huntley's leadership, Corin has significantly invested in and successfully developed a range of new and revised hip and knee products. It now has a comprehensive product portfolio showing good organic growth which has substantially reduced the group's historical reliance on its metal on metal products.
"The group is now successfully competing on the world stage but in an industry dominated by much larger pla...
