Full details of the offer will be included in a take-over bid circular which is expected to be mailed to holders of Common Shares by September 9, 2011. The offer will be open for acceptance for a period of not less than 35 days and is subject to a number of customary conditions, including there being deposited under the offer and not withdrawn at the expiration of the offer such number of Common Shares that represent at least 66-2/3% of the outstanding Common Shares calculated on a fully-diluted basis, there being no material adverse changes to Afexa's business and the receipt of all necessary regulatory approvals. Pursuant to the agreement, Afexa has agreed to waive the application of the shareholder rights plans to the offer and to take no action to waive the application of the shareholder rights plans to any other acquisition proposal.Stikeman Elliott LLP is acting as legal counsel to Valeant.
Valeant Pharmaceuticals Announces All-Cash Offer To Acquire Afexa Life Sciences Inc.
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