Pharmabiz
 

J&J extends cash tender offer for Omrix Biopharma till Dec 26

New Brunswick, New JerseyTuesday, December 23, 2008, 08:00 Hrs  [IST]

Johnson & Johnson has extended its previously announced cash tender offer, through its wholly-owned subsidiary, Binder Merger Sub, Inc, for all outstanding shares of common stock of Omrix Biopharmaceuticals, Inc until 12:00 midnight (Eastern time), on December 26, 2008, unless further extended. The tender offer was originally scheduled to expire at 12:00 midnight (Eastern time) on December 23, 2008. All other terms and conditions of the tender offer remain unchanged. As previously disclosed, the conditions to the tender offer relating to Israeli antitrust approval and other regulatory approvals have been satisfied. The depositary for the tender offer has advised Johnson & Johnson that, as of 3:00 p.m. (Eastern time), a total of approximately 4,101,234 shares of Omrix common stock were validly tendered and not withdrawn (including approximately 2,000 shares subject to guaranteed delivery procedures), representing approximately 23.4 per cent of Omrix's common stock on a fully diluted basis. Upon the successful closing of the tender offer, stockholders of Omrix will receive $25.00 in cash for each share of Omrix common stock tendered in the tender offer, less any required withholding taxes. Following the completion of the acquisition, it is expected that Omrix will operate as a stand-alone entity reporting through Ethicon, Inc, a Johnson & Johnson company.

 
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