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Additional Information
Market: TSX
Sector: Medical
EPIC: PTI
Latest Price: 1.33  (0,00%)
52-week High: 2.74
52-week Low: 1.12
Market Cap: 171.79M
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Patheon Inc
www.patheon.com

Patheon is a leading provider of contract development and manufacturing services to the global pharmaceutical industry. Patheon's technologies and services range from pre-clinical development to manufacturing a full array of dosage forms.

Full Patheon Inc profile here
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Patheon rejects JLL Partners’ US$2 cash per share bid for co

20th Feb 2009, 12:00 am by Andre Lamberti

Patheon Inc has rejected the unsolicited approach by JLL Patheon Holdings LLC, an affiliate of private equity group JLL Partners Inc, to buy the shares in Patheon it does not already own at US$2.00 apiece, as it substantially undervalues the company, its earnings potential and future growth prospects.

 Patheon said it is rejecting the offer, tabled on December 8 2008, for the issued and outstanding restricted voting shares following a valuation by independent financial advisor BMO Capital Markets, which places the value of the shares at between US$4.20 and US$5.00 per share.

JLL currently holds approximately 30 percent of the shares.

The company’s special committee believes that the JLL proposal is opportunistic and, when announced, was attempting to take advantage of a rapidly declining stock market and its impact on Patheon's share price. The JLL proposal was also made immediately before Patheon announced positive results for fiscal 2008.

It also believes that the JLL proposal would provide far less value to shareholders than could be achieved if Patheon were to continue as an independent company and successfully execute its five-year strategic plan.

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