Intelident Solutions not to acquire Zila

Tue. September 22, 2009; Posted: 02:18 PM

Sep 22, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- ZILA | Quote | Chart | News | PowerRating -- Tolmar Holding, Inc. has acquired all of the outstanding shares of Zila, Inc., a diagnostic company focused on the prevention, detection, and treatment of oral cancer and periodontal disease. Both the companies are based in the US.

Tolmar is a pharmaceutical research, development, and manufacturing company.

Update on July 28, 2009:

Tolmar has amended the terms to acquire all of the outstanding shares of Zila.

Under the terms of the revised agreement, Tolmar will acquire, for cash, all of Zila's common stock for $0.45 per share and preferred stock for $0.50 per share. The transaction is valued at approximately $16.7 million, including the assumption of $12 million senior secured convertible debt.

The proposed transaction is not subject to any financing contingency and is no longer dependent upon Tolmar acquiring Zila's debt.

Announcement (July 7, 2009):

Intelident Solutions, Inc. has made a proposal to acquire all of the common stock in Zila at a price of $0.42 per share for the common stock and $0.48 per share for the preferred stock of Zila. The transaction is valued at approximately $4.4 million.

Intelident Solutions is a US-based dental technology and management company.

The offer price represents a premium of 31.3% to Zila's closing share price on June 24, 2009. The transaction is expected to close in September 2009.

Earlier on June 25, 2009, Tolmar Holding, Inc. has entered into a definitive agreement to acquire all of the outstanding shares of Zila, Inc. at a price of $0.38 per share.

Deal Value (US$ Million) 4.4
Deal Type                Acquisition
Sub-Category             100% Acquisition
Deal Status              Terminated: 2009-09-18

Deal Participants

Target (Company)   Zila, Inc.
Acquirer (Company) Intelident Solutions, Inc.

Deal Rationale

The acquisition would enable Intelident Solutions to strengthen its dental product portfolio and to expand it operations in the US.

Bid Premium ($ per share) 31.3

For full details for ZILA click here.

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