JLL extends offer to acquire Patheon

JLL Partners says a total of 33,852,508 restricted voting shares in the capital of Patheon have been validly deposited to JLL’s offer to acquire, at a price of USD2.00 cash per share, all of the issued and outstanding restricted voting shares of Patheon.

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 shares validly deposited as of the expiry time.

Payment will be made on or before 13 August 2009 to Patheon shareholders who have validly deposited their sShares under the offer since 29 July 2009.

The shares taken up since the offer was launched represent approximately 38 per cent of the outstanding shares of Patheon not already owned by JLL or its affiliates and associates.

Together with the shares JLL owned prior to the offer and the shares issued to JLL upon conversion of its 150,000 Patheon convertible preferred shares, JLL or its affiliates and associates now own 73,521,046 restricted voting shares of Patheon, or approximately 57 per cent of the outstanding restricted voting shares of Patheon.

JLL is entitled to vote all of its shares on any matter submitted to a vote of Patheon’s shareholders, including the election of directors.

As previously disclosed, on 29 July 2009, JLL exercised its right of conversion under the terms of the convertible preferred shares and converted its 150,000 convertible preferred shares into a total of 38,018,538 restricted voting shares.

JLL has extended the offer which will now expire ten days from the mailing of a formal notice of extension. JLL expects to mail a formal notice of extension to Patheon shareholders shortly. JLL intends to take up and pay for any further shares as and when they are deposited.

JLL Partners is a New York-based leading private equity investment firm with approximately USD4.0bn of capital under management.