Johnson & Johnson Announces Receipt of Israeli Antitrust Approval for Acquisition of Omrix
New Brunswick, NJ .- Johnson & Johnson (NYSE: JNJ) today announced that the Israeli General Director of the Antitrust Authority has approved Johnson & Johnsonís proposed acquisition of Omrix Biopharmaceuticals, Inc. (NASDAQ: OMRI), under the Restrictive Trade Practices Law 5748-1988 of Israel.
Johnson & Johnson announced its intention to acquire Omrix on November 24, 2008. It commenced, through a new wholly-owned subsidiary, Binder Merger Sub, Inc., a cash tender offer on November 25, 2008, to purchase all outstanding shares of common stock of Omrix for $25.00 per share, less any required withholding taxes.
The approval, which was dated December 10, 2008, satisfies one of the conditions to the tender offer, which is set to expire at 12:00 midnight on December 23, 2008. The tender offer is also conditioned on the tender of a majority of the outstanding shares of Omrixís common stock on a fully diluted basis, the approval by the Investment Center of Israel of the proposed acquisition and the satisfaction of other customary closing conditions.
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