Valeant Pharmaceuticals to close Solta Medical acquisition

LAVAL, Quebec — Valeant Pharmaceuticals International on Thursday announced the expiration of the tender offer by a subsidiary of Valeant Pharmaceuticals International to purchase all of the outstanding shares of Solta Medical for $2.92 per share in cash, without interest (less any applicable withholding taxes). 

The offer expired at midnight on Jan. 23, 2014. 

American Stock Transfer & Trust Company the depositary for the tender offer, has advised that, as of the expiration of the offer, a total of 68.8 million shares had been tendered into and not validly withdrawn from the offer, representing approximately 85% of Solta's outstanding shares. 

Additionally, the depositary has advised that an additional 3.3 million shares had been tendered by notice of guaranteed delivery, representing approximately 4% of Solta's outstanding shares. 

The condition to the offer that at least a majority of the outstanding shares of Solta common stock, not including shares tendered pursuant to procedures for guaranteed delivery and not yet delivered, be validly tendered and not properly withdrawn prior to the expiration of the offer has been satisfied. 

As a result of the merger, Solta will become a wholly owned subsidiary of VPI. In the merger, each remaining share of Solta that was not validly tendered in the offer will be cancelled and converted into the right to receive the same $2.92 per share in cash, without interest. Following completion of the merger, the common stock of Solta will no longer be listed for trading on the NASDAQ Global Select Market, which is expected to take effect as of the close of market Thursday.

 

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