Endo Announces Early Termination of HSR Act Waiting Period in Connection with Its Proposed Acquisition of Paladin Labs
Endo Health Solutions (NASDAQ: ENDP) today announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended ("HSR Act") in connection with Endo's proposed acquisition of Paladin Labs Inc. (TSX: PLB) ("Paladin Labs") was terminated by the United States Federal Trade Commission on December 17, 2013. Endo also today announced that the Canadian Competition Bureau issued a no-action letter on December 18, 2013, which constitutes Canadian Competition Act compliance for Endo's proposed acquisition of Paladin Labs. Pursuant to the acquisition, each of Endo and Paladin Labs will be acquired by a newly-formed Irish holding company ("New Endo").
As previously announced on November 5, 2013, Endo and Paladin entered into a definitive agreement pursuant to which Endo would acquire Paladin Labs in a stock and cash transaction valued at approximately $1.6 billion. The early termination of the HSR waiting period in the United States and the no-action letter obtained from the Canadian Competition Bureau in Canada satisfy conditions to the proposed acquisition. The proposed acquisition remains subject to certain conditions and approvals, including regulatory approvals (including in connection with the South African Competition Act and the Investment