Endo Health Solutions Inc. has announced that, at the shareholder meeting held today, proposals related to Endo's proposed acquisition of Paladin Labs Inc. were approved by Endo's shareholders.
As previously announced, on November 5, 2013, Endo and Paladin entered into an arrangement agreement pursuant to which each of Endo and Paladin will be acquired by a new Irish holding company, Endo International plc ("New Endo"). Under the terms of the arrangement agreement (a) New Endo will acquire Paladin pursuant to a plan of arrangement under Canadian law and (b) a newly formed subsidiary of New Endo will merge with and into Endo, with Endo as the surviving corporation in the merger and an indirect wholly owned subsidiary of New Endo.
Endo's shareholder approval satisfies certain conditions to the closing of the proposed transaction. The proposed transaction remains subject to certain conditions and approvals, including approval of the Superior Court of Quebec, listing of New Endo shares and customary closing conditions, and is expected to occur promptly following satisfaction of all conditions.