Mayne Pharma publishes acquisition timetable

Mayne Pharma has this week published a proposed timetable for the closing of the acquisition of the company by a subsidiary of Hospira. The timetable was presented at the company’s shareholders meetings and approved by the shareholders present.

The timetable runs from a court hearing for approval due to take place on January 16th 2007, followed by the effective date the following day, with suspension of trading in shares in the company to occur at the close of trading on January 17th.

The record date has been decided as January 24th, with January 30th being the date of implementation, the despatch of scheme consideration cheques and, at the close of trading, the official end of the quoting of the company’s shares on the Australian stock exchange.

Peter Willcox, chairman of Mayne Pharma, said: “We are pleased to see such strong support from Mayne Pharma shareholders for the offer which we believe offers excellent value.”

He added that the directors and staff of the company had worked hard during the transaction and commented that with this strong mandate from shareholders, the board would strive to complete the transaction according to the published timetable.

Mayne Pharma develops, manufactures and markets pharmaceutical products for the treatment of cancer.