NEW YORK, March 11 /PRNewswire/ -- JLL Patheon Holdings, LLC, an affiliate of JLL Partners, Inc. ("JLL"), announced today that it will be commencing its previously announced offer for any and all of the issued and outstanding Restricted Voting Shares of Patheon Inc. ("Patheon") that it does not already own at an offer price payable in cash of U.S. $2.00 per Restricted Voting Share, which is equivalent to approximately C $2.57 cash per Restricted Voting Share based on the current exchange rate.
The offer is scheduled to expire at 6:00 p.m., Toronto time, on April 16, 2009, unless the offer is extended or withdrawn by JLL.
The closing price of the Restricted Voting Shares on the Toronto Stock Exchange (the "TSX") on December 5, 2008, the last trading day prior to the announcement of JLL's intention to make the offer, was C $1.07, or approximately U.S. $0.84. The offer price represents a premium of approximately 138% over the U.S. dollar equivalent of this closing price. The offer price also represents a premium of approximately 161% over the C $0.97, or approximately U.S. $0.77, volume-weighted average closing price of the Restricted Voting Shares on the TSX during the twenty trading days up to and including December 5, 2008.
The closing price of the Restricted Voting Shares on the TSX on March 10, 2009, the last trading day prior to the commencement of the offer today, was C $2.13, or approximately U.S. $1.66. The offer price represents a premium of approximately 21% over the U.S. dollar equivalent of this closing price based on the current exchange rate.
JLL believes that the offer represents a liquidity event at an attractive premium for holders of thinly-traded securities. Moreover, the offer consideration is composed entirely of cash. The offer is fully financed by JLL and will not require Patheon to incur any incremental debt to complete the purchase of any and all of Patheon's o
|SOURCE JLL Patheon Holdings, LLC|
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