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YM BioSciences Inc. (NYSE:
YMI,) is pleased to announce that the Supreme
Court of Nova Scotia has issued a final order approving the previously
announced plan of arrangement (the "Arrangement") involving the Company,
Gilead Sciences, Inc.
and 3268218 Nova Scotia Limited, a
wholly-owned subsidiary of Gilead (the "Purchaser"). Under the Arrangement,
the Purchaser will acquire all of the issued and outstanding common shares
("Common Shares") of the Company for cash consideration of US$2.95 per Common
Share. In addition, holders of warrants and options will each receive a cash
payment equal to the difference between US$2.95 and the exercise price of such
warrants or options.
Assuming all other closing conditions are satisfied or waived, it is
anticipated that the Arrangement will become effective on February 8, 2013
(the "Effective Date"). The Common Shares are expected to be delisted from
the Toronto Stock Exchange and NYSE MKT LLC promptly following the Effective
Date. Following completion of the Arrangement, the Company will also apply to
cease to be a reporting issuer under applicable Canadian securities laws. In
addition, the Company will be eligible to terminate the registration of its
Common Shares under the United States Securities Exchange Act of 1934, which
would mean that the Company will no longer be required to file or furnish
reports with the United States Securities and Exchange Commission.
Further details regarding the Arrangement are set out in the joint press
release dated December 12, 2012 and the management proxy circular of the
Company dated December 31, 2012, copies of which are available under the
corporate profile of the Company on SEDAR at www.sedar.com.
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