Axcan Shareholders Approve Acquisition by TPG Capital and its Affiliates
January 25 2008 - 10:37AM
Marketwired
MONT-SAINT-HILAIRE, QUEBEC (TSX: AXP)(NASDAQ: AXCA), announced
today that the Plan of Arrangement, which involves the acquisition
by an affiliate of TPG Capital ("TPG") of all outstanding common
shares of Axcan for US$23.35 per share, was approved by 99.87% of
the votes cast by holders of Axcan's common shares.
The result of this vote, which was obtained this morning at a
Special Meeting of shareholders of Axcan, was in excess of the
required 66 2/3% approval. Of the total outstanding common shares,
80.83% were voted either in person or by proxy.
The closing of the transaction is subject to customary
conditions, including the receipt of remaining regulatory
approvals. The motion seeking a Final Order approving the proposed
plan of arrangement is scheduled to be heard by the Superior Court
of Quebec, on Monday, January 28, 2008, at 9:00 a.m.
The transaction is expected to close in the first quarter of
calendar 2008. Axcan will advise shareholders closer to the time of
closing about the procedures for surrendering and receiving payment
for their shares.
ABOUT AXCAN PHARMA
Axcan is a leading multinational specialty pharmaceutical
company focused on gastroenterology. The Company develops and
markets a broad line of prescription products to treat a range of
gastrointestinal diseases and disorders such as inflammatory bowel
disease, irritable bowel syndrome, cholestatic liver diseases and
complications related to pancreatic insufficiency. Axcan's products
are marketed by its own specialized sales forces in North America
and Europe. Its common shares are listed on the NASDAQ Global
Market under the symbol "AXCA" and on the Toronto Stock Exchange
under the symbol "AXP".
ABOUT TPG CAPITAL
TPG Capital is the global buyout group of TPG, a leading private
investment firm founded in 1992, with more than $35 billion of
assets under management and offices in San Francisco, London, Hong
Kong, New York, Minneapolis, Fort Worth, Melbourne, Menlo Park,
Moscow, Mumbai, Beijing, Shanghai, Singapore and Tokyo. TPG Capital
has extensive experience with global public and private investments
executed through leveraged buyouts, recapitalizations, spinouts,
joint ventures and restructurings. Please visit www.tpg.com.
Contacts: Axcan Pharma Inc. Isabelle Adjahi Senior Director,
Investor Relations and Communications 450-467-2600 ext. 2000
www.axcan.com
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