DSP Completes Acquisition Of Sepracor

Published: 20-Oct-2009

Through a cash tender offer and by exercising an option to acquire additional shares directly from Sepracor

Dainippon Sumitomo Pharma (DSP) and Sepracor (Sepracor) have announced the successful completion of DSP’s acquisition of Sepracor for $23 per share in cash. DSP completed the acquisition through a cash tender offer and by exercising an option to acquire additional shares directly from Sepracor followed by a short-form merger of an indirect wholly-owned subsidiary of DSP with and into Sepracor on October 20, 2009. Sepracor is now an indirect wholly-owned subsidiary of DSP.

The company said that as a result of the merger, each outstanding share of Sepracor common stock not validly tendered and accepted for payment in the tender offer (other than shares held in the treasury of Sepracor and any shares owned by Sepracor, DSP or any of their subsidiaries) was, subject to the exercise of appraisal rights under Delaware law, converted into the right to receive the same $23.00 in cash per share, without interest and subject to applicable withholding of taxes, that was paid in the tender offer.

Reportedly, Nomura Securities and Thomas Weisel Partners acted as financial advisors and Paul, Weiss, Rifkind, Wharton & Garrison acted as legal advisor to DSP. JP Morgan Securities and Jefferies & Company acted as financial advisors and Willkie Farr & Gallagher and Wilmer Cutler Pickering Hale and Dorr LLP acted as legal advisors to Sepracor.

Tell your friend about this article