Jubilant Life Sciences' wholly-owned subsidiary, Jubilant Generics Inc. has successfully completed its previously announced Tender Offer for all of the outstanding shares of Cadista Holdings Inc. Jubilant Generics has accepted for payment of 17,018,378 shares representing approximately 82 per cent of Cadista Holdings.
No vote of Cadista Holdings’ stockholders was required in connection with the merger. As a result of the merger, all shares of Cadista Holdings held by the remaining minority stockholders of Cadista Holdings have been cancelled and, subject to appraisal rights under Delaware Law, converted into the right to receive a $1.60 per share in cash, without interest and less any required withholding taxes, the same consideration paid in the Tender Offer.
Accordingly, Cadista Holdings has now become a wholly-owned subsidiary of Jubilant Life Sciences Ltd.