PALO ALTO, Calif., June 14, 2018 /PRNewswire/ -- Varian (NYSE:
VAR) today announced it received notification from Sirtex Medical
Limited (Sirtex) on June 14, 2018
that its board has determined that the proposal from CDH
Investments and China Grand Pharmaceutical and Healthcare Holdings
Limited (CDH-CGP Proposal) is a Superior Proposal as defined
in the Scheme Implementation Deed between Sirtex and Varian (Varian
Scheme). Consistent with Varian's prior announcements, Varian
informed Sirtex that Varian will not be providing a counter
proposal. Sirtex has consequently terminated the Varian Scheme and
confirmed that it is required to pay a Reimbursement Fee of
approximately A$16 million to
Varian.
"Varian is very disciplined in its business development approach
and we do not see value beyond the A$28 price per share we offered for Sirtex," said
Dow Wilson, president and chief executive officer of Varian.
"While disappointed with this decision, Varian's long-term
strategy has not changed. We remain focused on becoming a global
leader in multi-disciplinary, integrated cancer care solutions;
expanding the addressable markets that Varian can impact; and
growing and creating sustainable value for our company and our
shareholders."
About Varian
Varian is a leader in developing and delivering cancer care
solutions, and is focused on creating a world without fear of
cancer. Headquartered in Palo Alto,
California, Varian employs approximately 6,500 people around
the world. For more information, visit
http://www.varian.com and follow @VarianMedSys on Twitter.
Press Contact
Mark Plungy
Director, Public Relations
+1 (650) 424-5630
mark.plungy@varian.com
Investor Relations Contact
J. Michael Bruff
Senior Vice President, Investor Relations
+1 (650) 424-5163
investors@varian.com
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SOURCE Varian