JLL Announces Expiry of Its Offer to Acquire Patheon and Take Up of Deposited Restricted Voting Shares
New York, N.Y. — JLL Partners, Inc. and its affiliate, JLL Patheon Holdings, LLC (collectively, “JLL”), announced today that as at 6:00 p.m. (Toronto time) on August 26, 2009 (the “Expiry Time”) a total of 33,854,708 Restricted Voting Shares in the capital of Patheon Inc. (“Patheon”) have, since commencement of the offer, 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 Monday, August 31, 2009 to Patheon shareholders who have validly deposited their Restricted Voting Shares under the Offer since August 11, 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 JLL owned prior to the Offer and the 38,018,538 Restricted Voting Shares issued to JLL on July 29, 2009 upon conversion of its 150,000 Patheon convertible preferred shares, JLL or its affiliates and associates now own 73,523,246 Restricted Voting Shares of Patheon, or approximately 57% of the outstanding Restricted Voting Shares of Patheon. JLL is entitled to vote all of its Restricted Voting Shares on any matter submitted to a vote of Patheon’s shareholders, including the election of directors.
As previously announced, JLL will not extend the Offer to acquire any and all of the outstanding Restricted Voting Shares of Patheon not already held by JLL or its affiliates or associates. Also, JLL will not pursue a compulsory acquisition or subsequent acquisition transaction in connection with the Offer in order to permit Patheon to resume its normal business operations and allow management to focus on driving growth in the business. In the absence of the Offer and the prospect of a related compulsory acquisition or subsequent acquisition transaction, JLL intends to focus on growing the business and creating value. However, JLL reserves the right to engage in other transactions involving Patheon and its securities in the future. For further information, JLL refers shareholders to its press release dated August 21, 2009.
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