Takeover bid for Medisys Health Group Income Fund successful

    - 92% of All Outstanding Units and 88% of Minority Unitholders Support
    the Bid -

    MONTREAL, March 20 /CNW/ - Persistence Capital Partners LP, a private
equity fund managed by the Elman family, today announced that the takeover bid
for Medisys Health Group Income Fund (the "Fund") by its subsidiary, 6799221
Canada Limited (the "Corporation"), was successful, with 92% support.
    A total of 4,944,451 ordinary trust units ("Units") of the Fund were
tendered to the bid. These Units, together with Units owned or controlled by
the Corporation and its joint actors, represent approximately 92% of the
outstanding Units, on an as-exchanged basis. The tendered Units represent
approximately 88% of the Units held by minority unitholders, excluding Units
owned or controlled by the Corporation and its joint actors and certain other
    The Corporation's offer (the "Offer") to purchase all of the outstanding
Units for $8.50 cash per Unit was mailed to the Fund's unitholders on February
13, 2008. The Offer expired at 5:00 p.m. (Toronto time) on March 19, 2008.
    On March 19, 2008, the Corporation provided notice to CIBC Mellon Trust
Company, as depositary, confirming that all of the conditions of the Offer had
been satisfied or waived. As set forth in the circular accompanying the Offer,
the Units will be taken up and paid for on or before March 28, 2008.
    The Corporation intends to acquire the remaining Units as described in
the circular accompanying the Offer, and in accordance with the Fund's
declaration of trust and applicable law. Upon the completion of such
acquisition, the Corporation intends to de-list the Units from the Toronto
Stock Exchange.
    Genuity Capital Markets was the financial advisor to Persistence Capital
and Torys LLP served as legal counsel.

    This news release does not constitute an offer for or solicitation of
Units in any jurisdiction. Any such solicitation would be made only by formal
offer and only in those jurisdictions where the Corporation may legally do so.

    %SEDAR: 00022283EF

For further information:

For further information: Stuart M. Elman, Phone: (514) 499-2778, Email:

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890