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Hospira, Mayne buyout receives approval


Published : Fri, 19 Jan 2007 22:13
By : Agencies
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NEW YORK (AFX) - Drug delivery technology company Hospira Inc. said Friday the Supreme Court of Victoria in Australia approved the company's $2.1 billion buyout of Australia-based Mayne Pharma Ltd.

The approval means all conditions for the buyout have been satisfied, Hospira said in a Securities and Exchange Commission filing. The deal is expected to close on or around Feb. 2.

On Thursday, Hospira entered into a three-year, $500 million term loan and a one-year bridge loan of just under $1.43 billion. The financing will be used to fund the buyout.

Shares of Hospira rose 8 cents to $35.02 on the New York Stock Exchange in afternoon trading.

Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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