NEW YORK, May 8 /PRNewswire/ -- 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 7, 2009 (the "Expiry Time") 31,411,927 Restricted Voting Shares in the capital of Patheon Inc. ("Patheon") were 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 Tuesday, May 12, 2009 to Patheon shareholders who have validly deposited their Restricted Voting Shares under the Offer.
The Restricted Voting Shares taken up represent approximately 35% 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 33,061,927 Restricted Voting Shares of Patheon or approximately 36% 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 55% 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 May 19, 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.
Certain statements made in this press release are forward-looking statements that involve risks and uncertainties. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "expected", "scheduled", "estimates", "intends", "anticipates", or "believes", or variations of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These forward-looking statements reflect JLL's best judgment based on current information, factors and assumptions, and although it bases these statements on circumstances that it believes to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance or actions, and actual performance and actions may vary materially from the actions and expectations discussed in this documentation. JLL disclaims any intention or obligation to update or revise any forward looking information whether as a result of new information, future events or otherwise, except as required by applicable law.
The Information Agent for the The Dealer Manager for the Offer is: Offer is: Laurel Hill Advisory Group UBS Securities Canada Inc. 366 Bay Street, Suite 200 161 Bay Street Toronto, ON M5H 4B2 Suite 4100, P.O. Box 617 Telephone Toll Free (North America): Toronto, ON M5J 2S1 (888) 290-1555 Telephone: (416) 350-2201 Telephone Collect (outside North America): (416) 637-4661
|SOURCE JLL Partners|
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