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MediSystem Technologies Inc. (TSX: MDY) Advises that Shoppers Drug Mart Corporation Acquired Additional Shares of MediSystem Under Its Previously Announced Offer
MediSystem Technologies Inc. (TSX: MDY) Advises that Shoppers Drug Mart Corporation Acquired Additional Shares of MediSystem Under Its Previously Announced Offer.
About this update from Serrano Resources Ltd.
[{"type":"text","content":"\n\n\n\n\nTORONTO, Oct. 10 /CNW/ - MediSystem Technologies Inc. (\"MediSystem\")\nadvises that earlier today, Shoppers Drug Mart Corporation (TSX: SC) announced\nthat it had acquired an additional 1,559,000 common shares of MediSystem under\nits previously announced offer to acquire all of the outstanding common shares\nof MediSystem, bringing the total number of MediSystem shares acquired by\nShoppers under the offer to approximately 22,811,327, representing over 90% of\nthe outstanding common shares of MediSystem (on a fully-diluted basis).\nShoppers made its offer on August 14, 2006 when it mailed a take-over bid\ncircular to the shareholders of MediSystem. After acquiring approximately\n89.9% of the outstanding shares of MediSystem on September 20, 2006, Shoppers\nannounced the extension of the expiry of its offer until October 6, 2006 to\nenable those shareholders of MediSystem who had not yet tendered to deposit\ntheir MediSystem shares to the offer. The deposit period under the extended\nShoppers offer expired at 8:00 p.m., Toronto time, on October 6, 2006.\nMediSystem also advised today that Shoppers announced its intention to\nexercise the statutory right under the Business Corporations Act (Ontario) to\ncompulsorily acquire the remaining shares of MediSystem that have not been\ndeposited to the offer. Upon completion of the compulsory acquisition,\nShoppers has announced that it intends to de-list the MediSystem shares from\nthe Toronto Stock Exchange.\nIn accordance with the Support Agreement entered into by MediSystem and\nShoppers on July 27, 2006, five members of MediSystem's Board of Directors\nresigned on September 28, 2006. These members are Michael Gleason, Paul\nLittle, James O'Donnell, David Rosenkrantz and Robert Tocchio. Accordingly,\nGlenn Murphy, George Halatsis, Bryna Goldberg, Geoffrey Martin and Richard\nAlderson, representatives of Shoppers, were appointed to MediSystem's Board of\nDirectors. The Board of Directors also accepted the resignation of Gary Chin\nas Chairman of the Board of Directors, President and Chief Executive Officer\nof MediSystem. Glenn Murphy was appointed Chairman of the Board of Directors\nand Chief Executive Officer of MediSystem. Gary Chin was appointed President\nof MediSystem and continues to serve as a Director of MediSystem.\n\nAbout Shoppers Drug Mart Corporation\n\nShoppe...