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



    NEW YORK, May 20 /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 19, 2009 (the "Expiry Time") an additional
2,186,675 Restricted Voting Shares in the capital of Patheon Inc. ("Patheon")
have 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 Friday, May 22, 2009 to Patheon shareholders who
have validly deposited their Restricted Voting Shares under the Offer since
May 8, 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 owned prior to the Offer, JLL or its
affiliates and associates now own 35,248,602 Restricted Voting Shares of
Patheon or approximately 39% 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 57% 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 June 1, 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 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, +1-212-210-9317 Web Site:
http://www.jllpartners.com

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JLL PARTNERS, INC.

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