(Reuters)- Private equity firm JLL Partners Inc extended its tender offer to buy Patheon Inc (PTI.TO) and said it now held about 39 percent of outstanding restricted voting shares of the contract drug manufacturer.
As of June 1, JLL said, about 33.7 million restricted voting shares have been tendered to its offer, at a price of $2.00 per Patheon share.
JLL said the restricted voting shares taken up since the offer represent about 38 percent of the outstanding restricted voting shares of Patheon not already owned by it or its affiliates and associates.
JLL also holds 150,000 convertible preferred shares of the company representing about 29 percent of the currently issued and outstanding restricted voting shares on an as-converted basis.
If the preferred shares are converted, JLL will hold 57 percent of the total number of restricted voting shares issued and outstanding, it said.
JLL also said its tender offer will now expire ten days from the mailing of a formal notice of extension, which will be done shortly.
In April, Patheon had rejected JLL’s offer and said a valuation by BMO Capital Markets of the restricted voting shares was in the range of $4.20 to $5.00 as of Feb. 16. [ID:nBNG429330]
Patheon shares closed at C$2.94 Monday on the Toronto Stock Exchange. (Reporting by R. Manikandan in Bangalore; Editing by Aradhana Aravindan)