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Varian Medical Notes Competing Bid For Sirtex; Says Its Scheme Offers More Value

Varian Medical Systems (VAR), which is in deal to acquire Australian life sciences company Sirtex Medical Limited, Friday said it reiterates its belief that the Varian Scheme remains in the best interests of Sirtex and its stockholders.

Varian, the radiation oncology treatments and software maker, was commenting on the press release of Sirtex Medical announcing that Sirtex had received an unsolicited non-binding, indicative and conditional acquisition proposal from CDH Investments, a China-based alternative asset manager.

The CDH Proposal is subject to a number of conditions following completion of satisfactory confirmatory due diligence, notably the approval of CDH's Investment Committee and the Australian Foreign Investment Review Board.

The Sirtex board of directors has determined to engage with CDH Investments to further understand the conditions associated with the CDH Proposal. In light of these developments, Sirtex intends to seek an adjournment of the meeting of Sirtex stockholders to approve the Scheme Implementation Deed between Sirtex and Varian , which was scheduled to occur on Monday, May 7, 2018 (Sydney time) to a time and date to be determined.

Dow Wilson, President and Chief Executive Officer of Varian, said, "The Varian Scheme has been unanimously approved by both boards of directors, has fully committed financing and has received all necessary regulatory approvals. We believe the Varian Scheme offers more value and carries far less risk for Sirtex stockholders. We stand ready to complete the acquisition following the receipt of Sirtex stockholders' approval and the satisfaction of other closing conditions."

Varian also noted that the directors of Sirtex continue to believe that the Varian Scheme is in the best interests of Sirtex shareholders and continue to unanimously support and recommend the Varian Scheme.

In Australia, Sirtex shares were gaining around 5.6 percent.

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