Board Unanimously Recommends Shareholders Approve the Sale of MDS
TORONTO, Sept. 24 /CNW/ - MDS Inc. (TSX: MDS; NYSE: MDZ), a leading provider of products and services to the global life sciences markets, today announced that the Management Proxy Circular related to the previously disclosed sale of its MDS Analytical Technologies to Danaher Corporation (NYSE: DHR) is being mailed today to shareholders of record as of September 14, 2009. A Special Meeting of Shareholders will be held on October 20, 2009 at 4 p.m. EDT at the Toronto Congress Centre to seek approval of the sale.
The Management Proxy Circular contains important information about MDS Inc. and the sale, as well as information related to voting procedures at the Special Meeting of Shareholders. A copy of the Management Proxy Circular will also be filed today with the Canadian Securities Administrators and the U.S. Securities and Exchange Commission, and will be available on their respective Websites at www.sedar.com or www.sec.gov/edgar.shtml, and at the Company's Website at www.mdsinc.com. Shareholders are urged to read the Management Proxy Circular in its entirety.
The purchase price to be paid to MDS Inc. for the sale of its MDS Analytical Technologies business is $650 million in cash, subject to adjustments, and the Company currently intends to return approximately $400 million to $450 million of the sale proceeds to its shareholders by way of a share buyback through a Substantial Issuer Bid. Completion of the sale is subject to shareholder and regulatory approval, and other closing conditions.
The MDS Inc. Board of Directors believes the sale, which was announced on September 2, 2009, is in the best interests of the Company and its shareholders. The Board unanimously recommends that shareholders vote in favor of the sale.
MDS Inc. (TSX: MDS; NYSE: MDZ) is a global life sciences company that provides market-leading products and services that our customers need for the development of drugs, and the diagnosis and treatment of disease. We are a leading global provider of pharmaceutical contract research, medical isotopes for molecular imaging, radiotherapeutics, and analytical instruments. MDS has more than 4,200 highly skilled people in 13 countries. Find out more at www.mdsinc.com or by calling 1-888-MDS-7222, 24 hours a day.
SOURCE Nordion Inc.
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