Spencer Pharmaceutical (SPPH)

[Penny_Fool]

Spencer Pharmaceutical Inc. (PINKSHEETS: SPPH) announced today that is has formalized the buyout offer with the Al-Dorra Group as a successful results of meetings held in Montreal, Canada over the past week.

According to the terms of the formal buyout offer, Al-Dorra will acquire Spencer Pharmaceutical for $245 million USD on an all cash transaction to close on or before March 17, 2011. As per the terms of the formal offer, Al-Dorra reserves the right to acquire shares in the open market and Al-Dorra will deposit $500,000 in the company's account to be used to pay legal fees, and expenses associated with the ongoing business operations of Spencer Pharmaceutical.

"We are very satisfied with the terms of the buyout offer as it is very beneficial to our shareholders," said Dr. Max Arella, President of Spencer Pharmaceutical Inc. "I would personally like to thank His Excellency Hussein Al-Awaid for his time and travel commitment in formalizing the agreement with our board on behalf of our shareholders," further added Dr. Arella.

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