Par
Pharmaceutical Companies, and TPG today announced the completion of
Par's acquisition by certain affiliates of TPG.
"This transaction has delivered significant value to our shareholders and is a
strong endorsement of our business model, our team, and our unique position in
the generic industry," said Patrick G. LePore, Par's Chairman of the Board.
"As a private company, Par will have greater flexibility to pursue its longer
term goals. TPG's long-term orientation and access to additional capital will
help support the continued growth and success of the Par franchise."
"We are delighted to be working with the talented Par management team. We have
a strong appreciation for the distinct and attractive market position that Par
enjoys and are enthusiastic about the prospects for the business going
forward," said Todd B. Sisitsky, partner at TPG.
Pursuant to the terms of the merger agreement, Par's stockholders are entitled
to receive $50.00 in cash, without interest, less any applicable withholding
taxes, for each share of Par common stock owned by them. As a result of the
merger, Par's common stock will no longer be listed for trading on the New
York Stock Exchange.
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