Belluscura PLC on Friday said its takeover offer for TMT Acquisition PLC has become wholly unconditional.

Shares in Belluscura rose 8.1% to 20.00 pence each in London on Friday morning.

The London-headquartered medical device developer now owns 25 million TMT Acquisition shares, representing 91% of its issues share capital.

It said the offer will remain open for acceptance until further notice.

This comes after Belluscura announced in October that it had agreed to buy TMT Acquisition in an all-share deal, valuing it at £5.8 million. Under the terms of the offer, it was agreed that TMT shareholders would receive three Belluscura shares in exchange for every four held in TMT.

In January, Belluscura said it had revised terms of an all-share offer for the whole of the issued share capital of TMT Acquisition, agreeing to increase the number of new Belluscura shares to be offered in exchange for TMT acquisition shares.

TMT considered the revised terms fair and reasonable, and recommended shareholders accept. Under the increased terms, it was agreed, TMT shareholders will receive one new Belluscura share in exchange for every TMT Acquisition share.

On Wednesday, Bellascura said that the full terms and conditions had now been satisfied or waived.

TMT Acquisition is a London-based company that buys businesses in the technology, media and telecom sector.

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