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



    


    
    NEW YORK, Aug. 11 /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 10, 2009 (the "Expiry Time") a total of
33,852,508 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 Thursday,
August 13, 2009 to Patheon shareholders who have validly deposited their
Restricted Voting Shares under the Offer since July 29, 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
Restricted Voting Shares issued to JLL upon conversion of its 150,000 Patheon
convertible preferred shares, JLL or its affiliates and associates now own
73,521,046 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 disclosed,
on July 29, 2009, JLL exercised its right of conversion under the terms of the
convertible preferred shares and converted its 150,000 convertible preferred
shares into a total of 38,018,538 Restricted Voting Shares.

    JLL also announced that it has extended the Offer which will now expire
ten days from the mailing of a formal notice of extension. 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              Toronto, ON  M5J 2S1
    (North America):                 Telephone: (416) 350-2201
    (888) 290-1555
    Telephone Collect
    (outside North America):
    (416) 637-4661



    




For further information:

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

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JLL PARTNERS, INC.

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