Hisamitsu has reported that the subsequent Offering Period set forth for the shareholders of Noven has not tendered its shares before the end of the period of the tender offer for acquisition of shares of Noven. The tender offer was instituted by Northstar Merger, a wholly owned subsidiary of Hisamitsu.
The results of the tender offer shows, combined with the shares tendered in the initial Tender Offer period, a total of 22,320,889 shares of Noven were tendered, representing roughly 89.2% of Noven’s outstanding shares.
Northstar Merger further obtained 90% or more of Noven’s outstanding shares by exercising the option for acquiring new shares issued by Noven.
On August 27, 2009, the company carried out a short-form merger between Noven and Northstar Merger, and completed approximately $413m cash acquisition of Noven.
The shares of Noven that were not tendered in the Tender Offer were converted into the right to receive cash in the amount of $16.50 per share, and Noven became a wholly owned subsidiary of Hisamitsu US.