Jubilant Generics Inc, a subsidiary of Jubilant Life Sciences has successfully completed its previously announced Tender Offer for all of the outstanding shares of Cadista Holdings Inc. As of the expiration of the Tender Offer, a total of 17,018,378 shares were validly tendered and not withdrawn in the offer, representing around 82 per cent of Cadista Holdings' currently outstanding shares not already owned by Jubilant Generics and its affiliates.
Jubilant Life Sciences has caused Jubilant Generics to complete a short-form merger with and into Cadista Holdings. No vote of Cadista Holdings’ stockholders was required in connection with the merger. As a result of the merger, all shares of Cadista Holdings held by the remaining minority stockholders of Cadista Holdings have been cancelled and, subject to appraisal rights under Delaware Law, converted into the right to receive a $1.60 per share in cash, without interest and less any required withholding taxes, the same consideration paid in the Tender Offer. Accordingly, Cadista Holdings has now become a wholly-owned subsidiary of Jubilant Life Sciences.
Jubilant Life Sciences is a pharmaceutical and life sciences company engaged in the manufacture and supply of active pharmaceutical ingredients, generics, specialty pharmaceuticals, and life science ingredients. It provides services in contract manufacturing and drug discovery and development.
