LAVAL, Quebec, Jan. 23, 2014 /PRNewswire/ -- Valeant
Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX)
("Valeant") today announced the expiration of the tender offer (the
"Offer") by a subsidiary of Valeant Pharmaceuticals International
("VPI") to purchase all of the outstanding shares of Solta Medical,
Inc. (NASDAQ: SLTM) ("Solta") for a price of $2.92 per share in cash, without interest (less
any applicable withholding taxes).
The Offer expired at midnight, New
York City time, on January 23,
2014. American Stock Transfer & Trust Company, LLC, the
depositary for the tender offer, has advised that, as of the
expiration of the Offer, a total of 68,819,968 shares had been
tendered into and not validly withdrawn from the Offer,
representing approximately 85% of Solta's outstanding shares.
Additionally, the depositary has advised that an additional
3,310,396 shares had been tendered by notice of guaranteed
delivery, representing approximately 4% of Solta's outstanding
shares. The condition to the Offer that at least a majority of the
outstanding shares of Solta common stock (on a fully diluted
basis), not including shares tendered pursuant to procedures for
guaranteed delivery and not yet delivered, be validly tendered and
not properly withdrawn prior to the expiration of the Offer has
been satisfied. Accordingly, all shares that were validly
tendered and not properly withdrawn were accepted for payment and
Valeant will promptly pay for all such tendered shares in
accordance with the terms of the Offer. As a result of the
tenders, Valeant will own a majority of the outstanding Solta
shares (on a fully diluted basis), not including shares tendered
pursuant to procedures for guaranteed delivery and not yet
delivered, and expects to complete today the acquisition of Solta
through a merger without a vote of the Solta stockholders pursuant
to Section 251(h) of the Delaware General Corporation Law.
As a result of the merger, Solta will become a wholly owned
subsidiary of VPI. In the merger, each remaining share of
Solta that was not validly tendered in the Offer will be cancelled
and converted into the right to receive the same $2.92 per share in cash, without interest (less
any applicable withholding taxes), that was paid in the
Offer. Following completion of the merger, the common stock
of Solta will no longer be listed for trading on the NASDAQ Global
Select Market, which is expected to take effect as of the close of
market today.
About Valeant Pharmaceuticals International, Inc.
Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) is a
multinational specialty pharmaceutical company that develops,
manufactures and markets a broad range of pharmaceutical products
primarily in the areas of dermatology, eye health, neurology, and
branded generics. More information about Valeant
Pharmaceuticals International, Inc. can be found at
www.valeant.com.
Forward Looking Statements
This press release contains forward-looking statements regarding
the acquisition by Valeant of Solta. Statements including
words such as "expects," "intends," "will," or similar
expressions are forward-looking statements. Because these
statements reflect Valeant's current views, expectations and
beliefs concerning future events, these forward-looking statements
are not guarantees of future events and involve risks and
uncertainties. All forward-looking statements speak only as
of the date they were made. The company assumes no obligation
to publicly update any forward-looking statements, to reflect
events, circumstances or changes in expectations after the date of
this press release.
Contact Information:
Laurie W. Little
949-461-6002
laurie.little@valeant.com
(Logo:
http://photos.prnewswire.com/prnh/20101025/LA87217LOGO)
SOURCE Valeant Pharmaceuticals International, Inc.