LION said that in the last several weeks, it had received considerable interest from several companies, especially in LION's most successful product, the SRS technology, with worldwide distribution.
A potential and alternative management buyout has been deferred for the time that the public tender is being put into place. The process is expected to commence in April and is due to be completed within the third quarter of this year.
Significantly, Dr Thure Etzold, original inventor of the SRS technology and current CEO of LION, is expected to resign from the board in the near future. His appointment to the CEO position was only confirmed in November of last year.
The company has gone through a difficult period having had to cope with declining revenue as well as the job cuts. This latest news only confirms the decision made in a shareholder's meeting in March of this year.
Shareholder Ian Humphrey-Smith had informed the audience and LION bioscience about a take-over purchase offer for LION bioscience for its assets.
He told the meeting that in this case, LION bioscience would review such an offer seriously.