Piramal completes acquisition of Minrad
Piramal Healthcare Limited, one of India’s largest pharmaceutical and healthcare companies has announced that it has completed its previously announced acquisition of Minrad International, Inc. Minrad stockholders voted to approve the merger at a special meeting of stockholders, held on February 27, 2009. Holders of Minrad common stock will receive, in exchange for their shares, cash in the amount of US $0.12 per share. In connection with the merger, Piramal Healthcare’s purchase, at a discount, of all of Minrad’s outstanding 8% Senior Secured Convertible Notes has also now been completed. Minrad will be operated as a wholly-owned subsidiary of Piramal Healthcare. UBS Securities LLC acted as exclusive financial advisor to Piramal Healthcare on the transaction.
Source: Piramal Healthcare Limited