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news.Johnson & Johnson has announced that stockholders of Omrix Biopharmaceuticals have tendered approximately 16.75m shares of Omrix common stock, including approximately 1.29m shares subject to guaranteed delivery procedures, representing approximately 97.8% of Omrix's outstanding common stock.
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According to the terms of Johnson & Johnson’s tender offer, shares that were validly tendered and not withdrawn have been accepted for payment. The tender offer expired on December 26, 2008, and was not extended.
Johnson & Johnson intends to complete the acquisition of Omrix through what is known as a ‘short-form merger’, that is, without a vote or meeting of Omrix’s remaining stockholders. Each of the remaining shares of Omrix common stock will be converted into the right to receive $25 per share, less any required withholding taxes, in cash and without interest, which is the same amount per share that was paid in the tender offer.
Following the merger, Omrix is expected to operate as a stand-alone entity reporting through Ethicon, a Johnson & Johnson company and Omrix’s common stock will no longer list on Nasdaq.
Earlier this month, Johnson & Johnson, extending its capabilities in wellness and prevention platform has aquired LGE Performance Systems known as Human Performance Institute which develops science-based training programs to improve employee engagement and productivity.