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Aspreva obtains shareholder approval for acquisition by Galenica
December 31st, 2007
2007 DEC 31 -- Aspreva Pharmaceuticals Corporation (NASDAQ: ASPV; TSX: ASV) announced that Aspreva's shareholders and optionholders have approved the proposed acquisition of Aspreva by Galenica Group , through a wholly-owned Canadian subsidiary, at a price of US$26.00 per share in cash. At the special meeting of securityholders held this morning, the transaction was approved by over 99% of the votes cast by shareholders and by over 99% of the votes cast by shareholders and optionholders, voting together as a class. The transaction is being carried out by way of a statutory plan of arrangement under Section 288 of the British Columbia Business Corporations Act. The closing of the transaction remains subject to final court approval, approval by the Minister of Industry under the Investment Canada Act, as well as the satisfaction or waiver of the conditions specified in the Combination Agreement entered into on October 17, 2007. An application for final court approval is scheduled to be heard by the British Columbia Supreme Court on December 18, 2007. Subject to court approval being obtained, receipt of approval by the Minister of Industry under the Investment Canada Act and the other conditions to closing being satisfied or waived, the transaction is expected to close on January 3, 2008. Shareholders also today approved an amendment to Aspreva's shareholder rights plan in order to facilitate the proposed acquisition of Aspreva by Galenica Group. Further details regarding the terms of the transaction are set out in Aspreva's management information circular dated November 15, 2007, which was filed by Aspreva on the Canadian SEDAR website at www.sedar.com and on the United States Securities and Exchange Commission's website at www.sec.gov. Keywords: Aspreva Pharmaceuticals, Mergers, Acquisitions, Business, Pharmaceuticals. This article was prepared by Biotech Business Week editors from staff and other reports. Copyright 2007, Biotech Business Week via NewsRx.com.
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