West Announces Commencement of Cash Tender Offer for Any and All of Its 4.00% Convertible Junior Subordinated Debentures Due 2047

West Pharmaceutical Services, Inc. WST today announced that it has commenced a cash tender offer to purchase for cash any and all of its outstanding 4.00% Convertible Junior Subordinated Debentures Due 2047 (CUSIP No. 955306 AA 3) (the "Debentures"). The tender offer (the "Offer") is being made upon the terms and subject to the conditions set forth in West's Offer to Purchase, dated May 8, 2012, and the related Letter of Transmittal. The Offer will expire at 12:00 midnight, New York City time, on June 5, 2012, unless it is extended or earlier terminated by West (as may be extended by West, the "Expiration Time"). As of May 7, 2012, there was $161,500,000 aggregate principal amount of Debentures outstanding. West expects that a successful Offer will be accretive to its earnings per share in 2012 and subsequent years, excluding transaction costs and any gain or loss realized as a result of the purchase of the Debentures. The amount of the accretion will depend on the number of Debentures purchased pursuant to the Offer, the purchase price of the Debentures, and related financing costs. Upon the terms and subject to the conditions of the Offer, holders of Debentures who validly tender and do not properly withdraw their Debentures prior to the Expiration Time, will receive, for each $1,000 principal amount of such Debentures, a cash purchase price equal to the sum of (i) the Average Volume Weighted Average Price ("VWAP") (as defined below) multiplied by 14.0701 plus (ii) a fixed cash amount of $390.56, provided that in no event will the Purchase Price be less than $943.51 or more than $1,066.49 per $1,000 principal amount of such Debentures. In addition, holders will receive, in respect of their Debentures that are accepted for purchase, accrued and unpaid interest on such Debentures up to, but excluding, the settlement date of the Offer.
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