(PHXI) MDS Inc. Offers to Purchase Phoenix International Life Sciences Inc.Business Editors TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing , Ontario--(BUSINESS WIRE)--Feb. 24, 2000 MDS MDS, n See temporomandibular pain-dysfunction syndrome. MDS 1 Maternal deprivation syndrome, see there 2 Myelodysplastic syndrome, see there Inc.(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :MDSa.)(TSE:MDSb.) today announced its intent to acquire Phoenix International Life Sciences Inc. in a transaction worth Cdn$500 million. The acquisition, if completed, would result in a combined organization with the scale and market presence needed to better serve global pharmaceutical and biotechnology customers. The combined contract research organization (CRO) would be the fifth largest in the world. "Together, we would have the critical mass necessary to ensure that we remain at the forefront of this rapidly growing global business," said John Rogers John Rogers may refer to: Europeans
"Bringing together the two operations would enhance our ability to compete, making us stronger and opening up new opportunities," Rogers added. The contract research business is estimated to be between $8 and 10 billion world-wide, and is growing rapidly. The Boards of both MDS and Phoenix International view the proposed deal as an excellent 'fit' between two complementary operations. "We became interested in Phoenix International because we saw the synergies," said Rogers. "This proposed acquisition is all about growth. It would provide an impetus Impetus is a stimulus or impulse, a moving force that sparks momentum. Impetus may also refer to:
MDS is offering to purchase all of the outstanding common shares of Phoenix International for Cdn$16.00 per share, consisting of, at the election of Phoenix International shareholders, Cdn$16.00 cash or 0.4 MDS shares for each Phoenix share. The maximum cash component of the offer is $373.3 million and the maximum number of MDS shares that will be issued is 6.2 million. The cash or share component payable to Phoenix International shareholders may be pro-rated depending on the aggregate election of all Phoenix shareholders. For example, if all Phoenix International shareholders elect to receive all cash, each shareholder would receive $12 cash and 0.1 of an MDS share, per Phoenix International share. If all Phoenix International shareholders elect to receive shares, each shareholder would receive $8 cash and 0.2 of an MDS share, per Phoenix International share. The MDS offer to Phoenix International shareholders expires 21 days following the Circular (soon to be released). The proposed acquisition is also subject to regulatory approval. Phoenix shareholders are urged to read the Circular when it is available. The Circular will be available on the website of the Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. Securities Administers at www.sedar.com and on the website of the Securities and Exchange Commission at www.sec.gov. This press release does not constitute an offer to sell or a solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of an offer to buy any of the MDS shares. The offer will be made only by means of the Circular. MDS Inc. (TSE: MDS.A, MDS.B) is a $1.2-billion health and life sciences company headquartered in Toronto. It employs more than 8,500 highly skilled people at its global operations Global Operations is a first-person shooter computer game developed by Barking Dog Studios and published by both Crave Entertainment and Electronic Arts. It was released in March of 2002, following its public multiplayer beta version which contained only the Quebec map. on four continents. Montreal-based Phoenix International (TSE: PHX PHX Phoenix, AZ, USA - Sky Harbor International Airport (Airport Code) PHX Patient History PHX Primary Heat Exchanger ; NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : PHXI) operates in 19 countries, and has approximately 2,400 employees world-wide. |
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