Johnson and Johnson set to acquire Omrix
29 Dec 2008
Johnson and Johnson is set to complete its takeover of Omrix after the firm tendered nearly all of the remaining common stock shares.
The pharmaceuticals giant will buy 97.8 per cent of Omrix's stock and says it plans to acquire the biopharmaceuticals firm through a "short-form merger" which means it does not have to conduct a vote or meet with remaining shareholders.
Omrix's stock was priced at $25 (£17) per share and the tender offer expired on December 26th.
Johnson and Johnson extended its tender offer - made through a wholly-owned subsidiary, Binder Merger Sub - for Omrix by three days earlier this month.
It had previously received Israeli Antitrust Authority approval for the merger after it announced its intention to acquire the firm on November 24th.
"We believe this transaction will further enhance our efforts to bring new, science-based products to patients and the healthcare professionals who treat them," said Alex Gorsky, group chairman at Johnson and Johnson on announcement of the proposed merger.
