their current positions as CEO and CFO of Angiotech respectively. The
Board of Directors of API is expected to include three members
appointed by Angiotech's Board of Directors, three members selected
by Ares, and a new, independent director to be selected by Angiotech.
Substantially all of the executive officers, management and employees
of Angiotech will continue in similar capacities with API, with the
exception of David Hall, Angiotech's Chief Compliance Officer, who is
expected to be named to the position of President of Angiotech upon
the close of the transaction.
- Future Potential Transactions, Strategic Alternatives. It is
anticipated that Angiotech may pursue additional transactions in the
future, including an initial public offering of API or a sale or
securitization of API or of Angiotech's other assets, including
potentially its royalty businesses, which may serve to further reduce
Angiotech debt or that may realize additional value for Angiotech
- Tax impact of the transaction, or future transactions. The initial
transaction is not expected to result in material tax consequences
for Angiotech, or Angiotech shareholders. Future tax consequences
will depend upon the type and timing of any transaction or type of
disposition of any of Angiotech's assets pursued, if any, and the
valuation achieved in such transaction or transactions.
- Conditions and Anticipated Close. An independent Special Committee of
the Board of Directors of Angiotech has recommended that the Board
(a) approve the transaction, and (b) recommend that the shareholders
vote in favor of the transaction. The transaction is subject to the
approval of Angiotech's shareholders, and
|SOURCE Angiotech Pharmaceuticals, Inc.|
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