MDS acquires Phoenix International

On April 7, 2000, MDS Inc., an international health and life sciences company, announced that it had successfully completed its take-over bid of Phoenix International Life Sciences Inc., which was valued at $500 million. The bid involved a cash or shares option, with those shareholders in Phoenix opting for the cash option receiving $16 per share, and those who opted for the share option receiving approximately 0.30 of an MDS share and approximately $3.80-4.00 in cash.

Fasken Martineau in Toronto acted for MDS Inc. on the transaction, with a team comprised of Jon Levin, Richard J. Steinberg, Anthony Baldanza and Jennifer Mazin, with William Bies providing tax advice.