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Monday, 11 October 2010

Biosensors up 10% on Autumn Eagle's interest


Stent maker Biosensors International Group announced that Autumn Eagle Limited bought just over 312 million shares, a 29.47 per cent stake in the company.

After the announcement, Biosensors shares started gaining and reached $1.10, an increase of 10 per cent from Friday by mid-day.

The investor in question is said to be a China-based private equity investment firm, and is said to be a strategic investor.

An analyst contacted by BT said that it is too early to say if Autumn Eagle is preying on Biosensors as an acquisition target. He said it was typical for private equity firms to first cultivate good working ties with the management team before proceeding further.

Though little is known about Autumn Eagle at this point, he noted that the investment bodes well for Biosensors. 'The investment's advantageous for Biosensors, since it has a presence in China.'

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