Business
MDS Inc. Announces Shareholder Approval of Sale of MDS Analytical Technologies
MDS Inc. Announces Shareholder Approval of Sale of MDS Analytical Technologies
About this update from Discovery Harbour Resources Corp.
[{"type":"text","content":"\n\n\n\nOct. 20, 2009 (Canada NewsWire Group) -- TORONTO, Oct. 20 /CNW/ -- MDS Inc. (TSX: MDS; NYSE: MDZ), a leading provider of products and services to the global life sciences markets, today announced that Company shareholders have approved the sale of its MDS Analytical Technologies business, a leading global supplier of drug discovery and life sciences research tools, to Danaher Corporation (NYSE: DHR) for $650 million in cash.A Special Meeting of Shareholders was held on October 20, 2009, and in excess of 99 % of the Common Shares voted were in favour of the sale to Danaher.\"The MDS Board of Directors is pleased that shareholders have voted to support the divestiture of the MDS Analytical Technologies business,\" said James S. A. MacDonald, Chairman of the MDS Inc.'s Board of Directors. \"Subject to the completion of sale of MDS Analytical Technologies, the Company currently intends to return approximately $400 million to $450 million of sale proceeds to shareholders by way of a share buyback through a Substantial Issuer Bid.\"The completion of the proposed sale of MDS Analytical Technologies, which was originally announced on September 2, 2009, remains subject to receipt of regulatory approvals and customary closing conditions.\"We continue to believe that the repositioning of MDS will unlock the value of our business in the near-term and provide greater opportunities for each business going forward,\" said Stephen P. DeFalco, President and Chief Executive Officer, MDS Inc. \"Shareholder approval of the sale of MDS Analytical Technologies marks another important milestone in our repositioning strategy.\"MDS Inc. Strategic RepositioningIn addition to the sale of MDS Analytical Technologies, the Company also announced on September 2, 2009, that it intends to sell its MDS Pharma Services business, a leading provider of innovative drug discovery and early-stage development solutions for pharmaceutical and biotechnology companies. Upon completion of these transactions, the Company will be focused solely on its MDS Nordion business, which is a leading provider of medical isotopes for molecular and diagnostic imaging, radiotherapeutics and sterilization technologies. Additional background materials pertaining to the new strategic direction for MDS Inc. can be found on MDS Inc.'s Website at http://www.mdsinc.com/strategic_reposi...