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YM Biosciences (YMI) Receives Final Court Approval Of Plan Of Arrangement With Gilead Sciences (GILD)

 February 05, 2013 12:17 PM

(By Balaseshan) YM BioSciences Inc. (NYSEAMEX: YMI) said it has received the final court order approving the plan of arrangement with Gilead Sciences Inc. (NASDAQ: GILD).

The Supreme Court of Nova Scotia has issued a final order approving the plan of arrangement. Under the Arrangement, Gilead will buy all of the issued and outstanding common shares of YM BioSciences for cash consideration of $2.95 per common share.

In addition, holders of warrants and options will each receive a cash payment equal to the difference between $2.95 and the exercise price of such warrants or options.

[Related -Can Abbvie Inc (NYSE:ABBV) Trump Gilead Sciences, Inc.'S (NASDAQ:GILD) HCV Lead?]

Assuming all other closing conditions are satisfied or waived, it is expected that the arrangement will become effective on February 8. The common shares are expected to be delisted from the Toronto Stock Exchange and NYSE MKT LLC promptly following the effective date.

Following completion of the Arrangement, YM BioSciences will also apply to cease to be a reporting issuer under applicable Canadian securities laws. In addition, the company will no longer be required to file or furnish reports with the United States Securities and Exchange Commission.

On January 31, the shareholders of YM BioSciences approved the plan of arrangement. The arrangement was approved by 98.72% of the YMI shareholders representing 99.03% of the votes cast by YMI shareholders represented in person or by proxy at the meeting.

[Related -Three Stocks Set For FDA News In Early December]

On January 18, the plan of arrangement was endorsed by proxy advisory firms Institutional Investor Services and Glass, Lewis & Co.

YMI is trading up 0.17% at $2.94 on Tuesday, while GILD trades up 2.18% at $40.46.

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