QLT to cancel 13 million shares in preliminary results of tender offer

By Elaine Rigoli

Tampa, Fla., Sept. 11 - QLT, Inc. announced the preliminary results of its modified Dutch auction tender offer, which expired Friday.

Based on the preliminary count by the depositary for the tender offer, QLT said it expects to purchase for cancellation 13 million shares of its common stock at a price of $8.00 per share, for a total cost of $104 million.

These shares represent about 14.7% of the shares outstanding as of Friday.

Shareholders who deposited common shares to the tender offer will have about 96.5% of their common shares deposited purchased for cancellation, subject to certain limited exceptions. After the repurchase, about 75.2 million common shares will remain outstanding.

QLT and the depositary expect that the exact number of common shares to be taken up and paid for under the offer will be determined on or before Sept. 15. Payment for common shares tendered and accepted for purchase will be made promptly thereafter. The common shares not purchased, including shares invalidly deposited, will be returned as promptly as possible.

QLT is a biopharmaceutical company based in Vancouver, B.C.

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