78 per cent of Sigma-Aldrich shareholders approve transaction
Merck achieved an important milestone in the process of acquiring US-based life science company Sigma Aldrich. The shareholders of Sigma Aldrich approved the merger with Merck at a special meeting held at the Sigma Aldrich Life Science and Technology Center in St Louis, Missouri, US. With approximately 78 per cent, shareholders owning the required majority of the outstanding shares of Sigma-Aldrich approved the proposed transaction.
Shareholder approval was one of the conditions the transaction is subject to. According to the merger agreement publicly announced on September 22, 2014, Merck will acquire all of the outstanding Sigma-Aldrich shares for $140 per share in cash.
Merck continues to expect the transaction, which is subject to regulatory approvals, to close in mid-year 2015. Merck is working closely with the respective authorities to ensure a seamless transaction. The acquisition had already unanimously been approved by Sigma-Aldrich’s Board of Directors in September 2014. A Merck shareholder vote is not required.
In September, Merck and Sigma-Aldrich announced that they had entered into a definitive agreement under which Merck will acquire Sigma-Aldrich for $17.0 billion (€13.1 billion), establishing one of the leading players in the $130 billion global life science industry. The acquisition is a key element in Merck’s ‘Fit for 2018’ transformation and growth programme aimed at strengthening the company’s three growth platforms, healthcare, life science and performance materials.
The combined company would be able to serve life science customers around the world with a highly attractive set of established brands and an efficient supply chain that can support the delivery of more than 300,000 products. In the laboratory and academia business, together Merck Milliampere and Sigma-Aldrich would offer their customers a complementary range of products across laboratory chemicals, biologic and reagents. In pharmacy and pharmacopoeia production, Sigma-Aldrich would complement Merck Millipede’s existing products and capabilities with additions along the entire value chain of drug production and validation.
EP News Bureau – Mumbai