ID Biomedical announces receipt of court approval for acquisition by GlaxoSmithKline
ID Biomedical Corporation announced that the British Columbia Supreme Court has approved the proposed acquisition of ID Biomedical by GlaxoSmithKline plc and GlaxoSmithKline Inc., including a change to the terms described in ID Biomedical's management proxy circular (the "Circular") dated October 18, 2005.
Under the terms described in the Circular, holders of 2003 warrants were to be paid Cdn.$5.33 for each warrant held. Under the terms approved by the British Columbia Supreme Court today, such holders will be entitled to receive Cdn.$9.20 for each 2003 warrant held. Alternatively, such holders may choose to exercise dissent rights and have the court fix the fair value of their 2003 warrants. Details of the dissent rights, including information on how to exercise such right, will be included in the letter of transmittal for the 2003 warrantholders which is expected to be mailed shortly. All other terms of the proposed transaction remain unchanged and were approved by the court.
Although completion of the proposed transaction remains subject to a number of conditions, ID Biomedical expects the transaction to be completed prior to the end of 2005.
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