IBEX Shareholders Approve Sale of the Company
03 April 2024 - 6:36PM
IBEX Technologies Inc. (“IBEX” or the “Company”) (TSX Venture: IBT)
is pleased to announce that at an annual and special meeting held
today, IBEX shareholders approved the previously-announced proposed
amalgamation (the “
Amalgamation”) of IBEX and
15720273 Canada Inc., a newly-incorporated wholly-owned subsidiary
of BBI Solutions OEM Limited (“
BBI”), whereby BBI
will acquire all of the issued and outstanding shares of IBEX at a
price of $1.45 per share in cash. The total consideration is
approximately $37.9 million.
The Amalgamation was approved by IBEX
shareholders with a positive vote of approximately 99.83% of the
shares voted and by a positive vote of approximately 99.80% of the
“minority” shares voted as required by applicable securities
regulations. More than 75% of IBEX’s outstanding shares as of the
record date were voted at the meeting.
Closing of the Amalgamation is expected to take
place on Monday, April 8, 2024. IBEX first announced the
transaction with BBI on February 9, 2024.
Fasken Martineau DuMoulin LLP is acting as
legal counsel to IBEX in connection with the Amalgamation.
ABOUT IBEX
IBEX manufactures and markets proteins for
biomedical use through its wholly-owned subsidiary
IBEX Pharmaceuticals Inc. (Montréal, QC).
For more information, please visit the Company’s
website at www.ibex.ca.
ABOUT BBI
BBI is an international provider of immunoassay
products and services to the global diagnostics and life sciences
industries. The company offers high-performance recombinant and
native reagents across the entire immunodiagnostic workflow,
including antigens, antibodies, enzymes and complementary reagents.
It also offers a one-stop service for lateral flow assay
development and lateral flow point of care manufacturing. Our core
purpose is serving the science of diagnostics and in doing so we
supply the majority of the main IVD players globally.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Safe Harbor Statement
All of the statements contained in this news
release, other than statements of fact that are independently
verifiable at the date hereof, are forward-looking statements. Such
statements, as they are based on the current assessment or
expectations of management, inherently involve numerous risks and
uncertainties, known and unknown. Some examples of known risks are:
the impact of general economic conditions, general conditions in
the pharmaceutical industry, changes in the regulatory environment
in the jurisdictions in which IBEX does business, stock market
volatility, fluctuations in costs, and changes to the competitive
environment due to consolidation or otherwise. Consequently, actual
future results may differ materially from the anticipated results
expressed in the forward-looking statements. In particular,
completion of the proposed acquisition of IBEX by BBI is subject to
numerous conditions, termination rights and other risks and
uncertainties, including the ability of IBEX to satisfy closing
conditions. Accordingly, there can be no assurance that the
proposed transaction with BBI will occur, or that it will occur on
the timetable or on the terms and conditions contemplated. IBEX
disclaims any intention or obligation to update these statements,
except if required by applicable laws.
Contact:
Paul BaehrChairman, President & CEOIBEX
Technologies Inc.514-344-4004 x 143
Ibex Technologies (TSXV:IBT)
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