LAVAL, Quebec, April 1, 2015 /CNW/ -- Valeant Pharmaceuticals
International, Inc. (NYSE: VRX and TSX: VRX) ("Valeant") today
announced the expiration of the tender offer (the "Offer") by a
subsidiary of Valeant Pharmaceuticals International ("VPI") to
purchase all of the outstanding shares of Salix Pharmaceuticals,
Ltd. (NASDAQ: SLXP) ("Salix") for a price of $173.00 per share in cash, without interest, less
any applicable withholding taxes. The Offer expired at
midnight, Eastern time, on April 1,
2015. Valeant expects to complete today the acquisition of
Salix through a merger without a vote of the Salix stockholders
pursuant to Section 251(h) of the Delaware General Corporation
Law.
Computershare Trust Company, N.A., the depositary for the tender
offer, has advised that, as of the expiration of the Offer, a total
of 48,385,169 shares had been tendered into and not validly
withdrawn from the Offer, representing approximately 75.25% of
Salix's outstanding shares and a sufficient number of shares such
that the minimum tender condition to the Offer was satisfied.
Additionally, the depositary has advised that an additional
8,087,609 shares had been tendered by notice of guaranteed
delivery, representing approximately 12.58% of Salix's outstanding
shares. Accordingly, all shares that were validly tendered and not
properly withdrawn were accepted for payment and Valeant will
promptly pay for all such tendered shares in accordance with the
terms of the Offer.
As a result of the merger, Salix will become a wholly owned
subsidiary of VPI. In the merger, each share of Salix (other than
those shares held by Valeant or Salix or any of their respective
subsidiaries) will be cancelled and converted into the right to
receive the same $173.00 per share in
cash, without interest, less any applicable withholding taxes, that
was paid in the Offer. Following completion of the merger, the
common stock of Salix will no longer be listed for trading on the
NASDAQ Global Select Market, which is expected to take effect later
today.
About Valeant Pharmaceuticals International,
Inc.
Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) is a
multinational specialty pharmaceutical company that develops,
manufactures and markets a broad range of pharmaceutical products
primarily in the areas of dermatology, eye health, neurology, and
branded generics. More information about Valeant Pharmaceuticals
International, Inc. can be found at www.valeant.com.
Forward Looking Statements
This press release may contain forward-looking statements,
including, but not limited to, the consummation of the acquisition
of Salix. Forward-looking statements may generally be
identified by the use of the words "anticipates," "expects,"
"intends," "plans," "should," "could," "would," "may," "will,"
"believes," "estimates," "potential," "target," or "continue" and
variations or similar expressions. These statements are based upon
the current expectations and beliefs of management and are subject
to certain risks and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements. These risks and uncertainties include, but are not
limited to, risks and uncertainties discussed in our most recent
annual and quarterly reports and detailed from time to time in our
other filings with the Securities and Exchange Commission and the
Canadian Securities Administrators, which risks and uncertainties
are incorporated herein by reference. Readers are cautioned not to
place undue reliance on any of these forward-looking statements.
These forward-looking statements speak only as of the date
hereof. We undertake no obligation to update any of these
forward-looking statements to reflect events or circumstances after
the date of this press release or to reflect actual outcomes,
except as required by law.
Contact Information:
Laurie W. Little
Valeant Pharmaceuticals International, Inc.
949-461-6002
laurie.little@valeant.com
Media:
Renee E. Soto/Meghan Gavigan
Sard Verbinnen & Co.
212-687-8080
rsoto@sardverb.com / mgavigan@sardverb.com
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SOURCE Valeant Pharmaceuticals International, Inc.