JLL Announces Extension of Its Offer To Acquire Patheon and Take Up of Deposited Restricted Voting Shares



    NEW YORK, May 8 /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 May 7, 2009 (the "Expiry Time") 31,411,927 Restricted
Voting Shares in the capital of Patheon Inc. ("Patheon") were 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 Tuesday, May 12, 2009 to Patheon shareholders who have validly
deposited their Restricted Voting Shares under the Offer.

    The Restricted Voting Shares taken up  represent approximately 35% of the
outstanding Restricted Voting Shares of Patheon not already owned by JLL or
its affiliates and associates.  Together with the Restricted Voting Shares
owned prior to the Offer, JLL or its affiliates and associates now own
33,061,927 Restricted Voting Shares of Patheon or approximately 36% of the
outstanding Restricted Voting Shares of Patheon. JLL also holds 150,000
convertible preferred shares convertible into Restricted Voting Shares
representing approximately 29% of the currently issued and outstanding
Restricted Voting Shares on an as-converted basis.  If JLL were to convert its
convertible preferred shares, which it is free to do at any time, it would
hold in the aggregate 55% of the total number of Restricted Voting Shares
issued and outstanding and would be entitled to vote such securities at any
shareholders meeting.  JLL will continue to assess whether or not to convert
its convertible preferred shares as facts and circumstances develop.

    JLL also announced that it extended the Offer to 6:00 p.m. (Toronto time)
on May 19, 2009.  JLL expects to mail a formal notice of extension to Patheon
shareholders shortly.  JLL intends to take up and pay for any  further
Restricted Voting Shares as and when they are deposited.
    

    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              The Dealer Manager for the
     Offer is:                                  Offer is:
    

    
    Laurel Hill Advisory Group                 UBS Securities Canada Inc.
    366 Bay Street, Suite 200                  161 Bay Street
    Toronto, ON  M5H 4B2                       Suite 4100, P.O. Box 617
    Telephone Toll Free (North America):       Toronto, ON  M5J 2S1
     (888) 290-1555                            Telephone: (416) 350-2201
    Telephone Collect (outside North America):
     (416) 637-4661




    




For further information:

For further information: Brian Wade, +1-212-210-9317 Web Site:
http://www.jllpartners.com

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JLL PARTNERS, INC.

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