Nordion shareholders vote to approve Sterigenics deal, company says

OTTAWA – Medical isotope supplier Nordion Inc. (TSX:NDN) says shareholders have approved the purchase of the company by Sterigenics in a deal that values the firm at US$811 million.

The approval follows a move by Sterigenics earlier this week to raise its offer to US$13 per share, up from US$12.25. It was the second increase to the bid, which began at US$11.75.

Shareholders were to vote on the original offer last week, but the meeting was postponed after it became apparent the deal wouldn’t receive the required two-thirds majority approval.

Nordion is a supplier of medical isotopes, used for certain types of medical imaging. It also provides sterilization technologies for several industries.

The offer of US$13 per share followed an unsolicited offer of US$12.50 last week from an unidentified third party that had earlier made an offer of US$12.25.

The company said Friday it will now seek court approval for the deal on June 11. The deal remains subject to several closing conditions, including court and regulator approvals.

Note to readers: This is a corrected story. An earlier version incorrectly stated the total amount to be paid.