Dainippon Sumitomo Completes Acquisition Of Sepracor

10/20/2009 10:36 PM ET

(RTTNews) - Tuesday, pharma company Sepracor Inc. (SEPR: News ) said that its $23 per share acquisition by Japan's Dainippon Sumitomo Pharma has been completed. The acquisition was made through a cash tender offer and the exercising of options to buy additional Sepracor shares directly from the target company.

Sepracor was merged into an indirect wholly-owned subsidiary of Dainippon on October 20 and consequently, the company has now become a indirectly-owned subsidiary of the Japanese firm.

On the completion of the merger, each outstanding share of Sepracor which was not validly tendered and accepted for payment in the tender offer is subject to the exercise of appraisal rights under Delaware law, thereby could be converted into the right to receive the same $23.00 in cash per share, without interest and subject to applicable withholding of taxes, that was paid in the tender offer.

Computershare Trust Company, N.A., which is the paying agent for the merger, will mail necessary materials to exchange their former Sepracor shares for payment to the remaining former stockholders of Sepracor.

Trading of Sepracor common stock will cease on the NASDAQ Global Select Market as a result of completion of the merger and will no longer have reporting obligations under the Securities Exchange Act of 1934.

SEPR closed at $22.98, $0.02 cents below the offer price and unchanged from previous trading session on volumes of 1.14 million on the Nasdaq.