Patheon Inc. announces final court approval of arrangement
TORONTO, March 10, 2014
TORONTO, March 10, 2014 /PRNewswire/ - Patheon Inc. (TSX: PTI) ("Patheon")
announced today that the Ontario Superior Court of Justice (Commercial List)
(the "Court") has issued a final order approving Patheon's previously
announced statutory plan of arrangement (the "Arrangement") under the Canada
Business Corporations Act ("CBCA") pursuant to which JLL/Delta Patheon
Holdings, L.P. ("Newco"), which is sponsored by an entity controlled by an
affiliate of JLL Partners Inc. and Koninklijke DSM N.V., will indirectly
acquire all of the issued and outstanding restricted voting shares of Patheon.
In issuing the final order, the Court has determined that the Arrangement is
fair and reasonable in accordance with the requirements of the CBCA.
It is expected that the Arrangement will be completed on Tuesday, March 11,
2014, assuming the satisfaction or waiver of certain customary conditions.
About Patheon Inc.
Patheon Inc.is a leading provider of contract development and commercial
manufacturing services to the global pharmaceutical industry for a full array
of solid and sterile dosage forms. Through the company's recent acquisition
ofBanner Pharmacaps - a market leader in soft gelatin capsule technology -
Patheonnow also includes a proprietary products and technology business.
Patheonprovides the highest quality products and services to approximately
300 of the world's leading pharmaceutical and biotechnology companies. The
company's integrated network consists of 15 locations, including 12 commercial
contract manufacturing facilities and 9 development centers acrossNorth
AmericaandEurope.Patheonenables customer products to be launched with
confidence anywhere in the world. For more information visitwww.patheon.com.
This press release contains "forward-looking information" or "forward-looking
statements" within the meaning of applicable Canadian securities laws,
including statements regarding the proposed transaction and expected timing of
the transaction, which forward-looking statements may use forward-looking
terminology such as "may", "will", "expect", "anticipate", "believe",
"continue", "potential", or the negative thereof or other variations thereof
or comparable terminology. Such forward-looking statements may include,
without limitation, statements regarding the completion of the proposed
transaction and other statements that are not historical facts.
These forward-looking statements reflect beliefs and assumptions which are
based on Patheon's perception of current conditions and expected future
developments, as well as other factors management believes are appropriate in
the circumstances. Patheon's beliefs and assumptions may prove to be
inaccurate and consequently Patheon's actual results could differ materially
from the expectations set out herein.
While such forward-looking statements are expressed by Patheon in good faith
and believed by Patheon to have a reasonable basis, they are subject to
important risks and uncertainties including, without limitation, risks and
uncertainties relating to the transaction and financing thereof, and the
satisfaction or waiver of certain other conditions contemplated by the
arrangement agreement dated November 18, 2013 between Patheon and Newco. As a
result of these risks and uncertainties, the proposed transaction could be
modified, restructured or may not be completed, and the results or events
predicted in these forward-looking statements may differ materially from
actual results or events. These forward-looking statements are not guarantees
of future performance, given that they involve risks and uncertainties.
Patheon is not affirming or adopting any statements made by any other person
in respect of the proposed transaction and expressly disclaims any intention
or obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except in accordance
with applicable securities laws or to comment on expectations of, or
statements made by any other person in respect of the proposed transaction.
No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
SOURCE Patheon Inc.
Tel: (919) 226-3200
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