JLL Partners has extended its unsolicted offer to Patheon Inc., a Canadian pharmaceutical company, for the price of $2 per share. The offer, which has been recommended against by the company’s independent committee, has been extended to June 1.
JLL Partners Inc. and its affiliate, JLL Patheon Holdings, LLC (collectively, “JLL”), announced today that as at 6:00 p.m. (Toronto time) on May 19, 2009 (the “Expiry Time”) an additional 2,186,675 Restricted Voting Shares in the capital of Patheon Inc. (“Patheon”) have been validly deposited to JLL’s offer to acquire, at a price of US$2.00 cash per Restricted Voting Share, all of the issued and outstanding Restricted Voting Shares of Patheon (the “Offer”). As all of the conditions of the Offer have been met, JLL has taken up and made payment to the Depository for all of the Restricted Voting Shares validly deposited as of the Expiry Time. Payment will be made on or before Friday, May 22, 2009 to Patheon shareholders who have validly deposited their Restricted Voting Shares under the Offer since May 8, 2009.
The Restricted Voting Shares taken up since the Offer was launched represent approximately 38% of the outstanding Restricted Voting Shares of Patheon not already owned by JLL or its affiliates and associates. Together with the Restricted Voting Shares owned prior to the Offer, JLL or its affiliates and associates now own 35,248,602 Restricted Voting Shares of Patheon or approximately 39% of the outstanding Restricted Voting Shares of Patheon. JLL also holds 150,000 convertible preferred shares convertible into Restricted Voting Shares representing approximately 29% of the currently issued and outstanding Restricted Voting Shares on an as-converted basis. If JLL were to convert its convertible preferred shares, which it is free to do at any time, it would hold in the aggregate 57% of the total number of Restricted Voting Shares issued and outstanding and would be entitled to vote such securities at any shareholders meeting. JLL will continue to assess whether or not to convert its convertible preferred shares as facts and circumstances develop.
JLL also announced that it extended the Offer to 6:00 p.m. (Toronto time) on June 1, 2009. JLL expects to mail a formal notice of extension to Patheon shareholders shortly. JLL intends to take up and pay for any further Restricted Voting Shares as and when they are deposited.
About JLL Partners
JLL Partners, Inc. is a New York-based leading private equity investment firm with approximately $4.0 billion of capital under management. JLL’s investment philosophy is to partner with outstanding management teams and invest with them in companies that they can continue to grow into market leaders. JLL has invested in a variety of industries, with special focus on financial services, building products, and healthcare services and medical products. More information on JLL can be found on the website www.jllpartners.com.
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