Cangene Corporation (“Cangene”) (TSX: CNJ) today announced that the Ontario Superior Court of Justice issued a final order approving the Plan of Arrangement for the previously announced acquisition of Cangene by Emergent BioSolutions Inc. (NYSE: EBS). Under the court-approved Plan of Arrangement, Cangene shareholders will receive US$3.24 per share (C$3.56(1) per share) in cash, for an aggregate purchase price of US$222 million (approximately C$244 million(2) ).
Cangene previously announced that the waiting period mandated under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with the transaction expired on January 28, 2014. On February 12, 2014, the Plan of Arrangement was approved by approximately 99.95% of the votes cast at a special meeting of Cangene’s common shareholders, which constituted more than 90.1% of the outstanding Cangene common shares.