Endo Announces South African Competition Act Compliance and Approval Under the Investment Canada Act in Connection with Its Proposed Acquisition of Paladin Labs
MALVERN, Pa., Feb. 18, 2014 /PRNewswire/ -- Endo Health Solutions (Nasdaq: ENDP) today announced that the South African Competition Commission has completed its review and approved the merger of Endo and Paladin Labs without conditions in terms of section 14(1)(b) of the Competition Act (South Africa).
In addition, the company announced that it has received regulatory approval under the Investment Canada Act. The Minister of Industry has completed a review of the transaction and determined that it is likely to produce a "net benefit" to Canada.
As previously announced on November 5, 2013, Endo and Paladin entered into a definitive agreement pursuant to which Endo would acquire Paladin Labs in a stock and cash transaction valued at approximately $1.6 billion.
Today's announced approvals satisfy certain regulatory conditions to the proposed acquisition. The proposed acquisition remains subject to certain other conditions and approvals, including approval by shareholders of Endo and Paladin Labs, approval of the Superior Court of Quebec, registration and listing of New Endo shares and customary closing conditions.
Endo Health Solutions Inc. is a U.S.-based specialty healthcare company with business segments that are focused on branded pharmaceuticals, generics, and medical devices which deliver quality products to its customers intended to improve the lives of patients. Through its operating companies - Endo Pharmaceuticals, Qualitest, and AMS - Endo is dedicated to delivering value to our stakeholders: customers, patients, and shareholders. Learn more at www.endo.com.
SOURCE Endo Health Solutions