JLL Announces Expiry of Its Offer to Acquire Patheon and Take Up of Deposited Restricted Voting Shares




    NEW YORK, Aug. 27 /CNW/ -- JLL Partners, Inc. and its affiliate, JLL
Patheon Holdings, LLC (collectively, "JLL"), announced today that as at 6:00
p.m. (Toronto time) on August 26, 2009 (the "Expiry Time") a total of
33,854,708 Restricted Voting Shares in the capital of Patheon Inc. ("Patheon")
have, since commencement of the offer, been validly deposited to JLL's offer
to acquire, at a price of US$2.00 cash per Restricted Voting Share, all of the
issued and outstanding Restricted Voting Shares of Patheon (the "Offer"). As
all of the conditions of the Offer have been met, JLL has taken up and made
payment to the Depository for all of the Restricted Voting Shares validly
deposited as of the Expiry Time. Payment will be made on or before Monday,
August 31, 2009 to Patheon shareholders who have validly deposited their
Restricted Voting Shares under the Offer since August 11, 2009.

    The Restricted Voting Shares taken up since the Offer was launched
represent approximately 38% of the outstanding Restricted Voting Shares of
Patheon not already owned by JLL or its affiliates and associates. Together
with the Restricted Voting Shares JLL owned prior to the Offer and the
38,018,538 Restricted Voting Shares issued to JLL on July 29, 2009 upon
conversion of its 150,000 Patheon convertible preferred shares, JLL or its
affiliates and associates now own 73,523,246 Restricted Voting Shares of
Patheon, or approximately 57% of the outstanding Restricted Voting Shares of
Patheon.  JLL is entitled to vote all of its Restricted Voting Shares on any
matter submitted to a vote of Patheon's shareholders, including the election
of directors.

    As previously announced, JLL will not extend the Offer to acquire any and
all of the outstanding Restricted Voting Shares of Patheon not already held by
JLL or its affiliates or associates. Also, JLL will not pursue a compulsory
acquisition or subsequent acquisition transaction in connection with the Offer
in order to permit Patheon to resume its normal business operations and allow
management to focus on driving growth in the business.  In the absence of the
Offer and the prospect of a related compulsory acquisition or subsequent
acquisition transaction, JLL intends to focus on growing the business and
creating value.  However, JLL reserves the right to engage in other
transactions involving Patheon and its securities in the future.  For further
information, JLL refers shareholders to its press release dated August 21,
2009.
    

    About JLL Partners

    
    JLL Partners, Inc. is a New York-based leading private equity investment
firm with approximately $4.0 billion of capital under management.  JLL's
investment philosophy is to partner with outstanding management teams and
invest with them in companies that they can continue to grow into market
leaders.  JLL has invested in a variety of industries, with special focus on
financial services, building products, and healthcare services and medical
products. More information on JLL can be found on the website
www.jllpartners.com.
    

    Forward-Looking Statements

    
    Certain statements made in this press release are forward-looking
statements that involve risks and uncertainties.  Often, but not always,
forward-looking statements can be identified by the use of words such as
"plans", "expects", "expected", "scheduled", "estimates", "intends",
"anticipates", or "believes", or variations of such words and phrases, or
state that certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved.  These forward-looking statements
reflect JLL's best judgment based on current information, factors and
assumptions, and although it bases these statements on circumstances that it
believes to be reasonable when made, there can be no assurance that future
events will not affect the accuracy of such forward-looking information.  As
such, the forward-looking statements are not guarantees of future performance
or actions, and actual performance and actions may vary materially from the
actions and expectations discussed in this documentation. JLL disclaims any
intention or obligation to update or revise any forward looking information
whether as a result of new information, future events or otherwise, except as
required by applicable law.
    


    

    The Information Agent for the Offer is:

    
    Laurel Hill Advisory Group
    366 Bay Street, Suite 200
    Toronto, ON  M5H 4B2
    Telephone Toll Free (North America):
    (888) 290-1555
    Telephone Collect (outside North America):
    (416) 637-4661
    

    The Dealer Manager for the Offer is:

    
    UBS Securities Canada Inc.
    161 Bay Street
    Suite 4100, P.O. Box 617
    Toronto, ON  M5J 2S1
    Telephone: (416) 350-2201


    




For further information:

For further information: Brian Wade of JLL Partners, Inc.,
+1-347-563-3702 Web Site: http://www.jllpartners.com

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JLL PARTNERS, INC.

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