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Shoppers Drug Mart Corporation Succeeds in Bid for MediSystem Technologies Inc. Offer extended to October 6, 2006
Shoppers Drug Mart Corporation Succeeds in Bid for MediSystem Technologies Inc. Offer extended to October 6, 2006.
About this update from Serrano Resources Ltd.
[{"type":"text","content":"\n\n\n\n\nTORONTO, Sept. 21 /CNW/ - Shoppers Drug Mart Corporation (TSX: SC)\nannounced today it has been successful in its bid to acquire MediSystem\nTechnologies Inc. (TSX: MDY) under its previously announced offer. A total of\n21,252,327 common shares of MediSystem representing approximately 89.9% of the\noutstanding common shares of MediSystem (on a fully-diluted basis) were\nvalidly deposited to the offer, at the offer expiry. Shoppers has taken up\nthese shares and payment for such deposited shares will be made on or before\nSeptember 25, 2006.\n\"We are pleased our offer has been accepted and we will now focus on\nworking with the MediSystem management team to help them build an even\nstronger business,\" said Glenn Murphy, Chairman and Chief Executive Officer of\nShoppers Drug Mart Corporation.\nShoppers has also extended its offer to enable those shareholders who\nhave not yet tendered their MediSystem shares to the offer, to deposit their\nMediSystem shares to the offer. The offer, as extended, will now expire at\n8:00 p.m., Toronto time, on October 6, 2006. A notice of extension will be\nmailed to MediSystem shareholders in the coming days. If Shoppers is\nsuccessful in acquiring 90% of the shares of MediSystem under the offer, it\nintends to acquire all of the remaining shares by compulsory acquisition. Upon\ncompletion of the compulsory acquisition or alternatively, of a subsequent\nacquisition transaction, Shoppers intends to de-list the MediSystem shares\nfrom the Toronto Stock Exchange. Shareholders are encouraged to tender their\nremaining MediSystem shares to the offer as soon as possible to receive prompt\npayment.\nMediSystem shareholders who tendered to the Cash Alternative will receive\n$3.80 in cash for each MediSystem common share tendered, and those who\ntendered to the Share Alternative will receive $0.05 in cash and 0.0808 of a\nShoppers common share for each MediSystem common share tendered, subject in\neach case to adjustment with respect to fractional shares.\nShoppers will be filing an updated report under National Instrument\n62-103 of the Canadian Securities Administrators in connection with the\nproposed transaction, a copy of which may be obtained from John Caplice,\nSenior Vice President, Treasurer and Investor Relations (416) 490-2925.\n\nShoppers Drug Mart Corporation is one of the most reco...