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news.Mayne Pharma has reported that its proposed consent agreement in relation to its acquisition by a subsidiary of Hospira has been delayed.
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The agreement is currently with the Commissioners of the Federal Trade Commission for final approval and is expected to be endorsed and finalized during the course of this week.
However because 15 January is a public holiday in the US, the consent agreement will not be finalized before start of the court hearing to approve the scheme, scheduled for 16 January. This is also because termination of the waiting period under the US Hart-Scott-Rodino Act is one of the conditions of the takeover and this will not have been satisfied before the court hearing.
Accordingly whilst the hearing will proceed tomorrow morning as scheduled, Mayne Pharma intends at the hearing to ask the court to adjourn final consideration of the matter until the condition relating to termination of the waiting period has been satisfied. Mayne Pharma expects to be able to satisfy the condition on or before Friday 19 January.
As a result finalizing the consent agreement is expected to be delayed but is still expected to occur early in February.