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news.Aspreva Pharmaceuticals has reported that the Minister of Industry, under the Investment Canada Act, has approved the acquisition of Aspreva by Galenica Group through a wholly-owned Canadian subsidiary at a price of $26 per share in cash.
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Under the terms of the combination agreement entered into on October 17, 2007 all conditions to Galenica’s obligation to complete the transaction will be deemed to have been satisfied or waived two business days after the date of this press release. Closing of the transaction is subject to the satisfaction or waiver of the remaining conditions for the benefit of Aspreva as specified in the combination agreement. The transaction is expected to close on January 3, 2008.
The transaction, which is being carried out by way of a statutory plan of arrangement under Section 288 of the British Columbia Business Corporations Act, was approved by Aspreva shareholders and optionholders at a special meeting held on December 17, 2007. In addition, the British Columbia Supreme Court issued a final order approving the plan of arrangement on December 18, 2007.