U.S. Markets closed

YM Biosciences investors approve plan of arrangement with Gilead

YM BioSciences (YMI) announced that, at the special meeting of shareholders of the company held earlier today, the YM Shareholders approved the previously announced plan of arrangement involving the company, Gilead Sciences (GILD) and 3268218 Nova Scotia Limited, a wholly-owned subsidiary of Gilead. Under the Arrangement, the Purchaser will acquire all of the issued and outstanding common shares of the company for cash consideration of $2.95 per Common Share. In addition, holders of warrants and options will each receive a cash payment equal to the difference between $2.95 and the exercise price of such warrants or options. The Arrangement was approved by 98.72% of the YM Shareholders representing 99.03% of the votes cast by YM Shareholders represented in person or by proxy at the Meeting. he hearing for the final court order to approve the Arrangement is scheduled to take place on February 5. Assuming court approval is obtained and all other closing conditions are satisfied or waived, it is anticipated that the Arrangement will be completed on or about February 8.