On February 1, 2010, MDS Inc. (TSX: MDS; NYSE: MDZ) announced that it had completed the divestiture of its MDS Analytical Technologies business to Danaher Corporation (NYSE: DHR) for US$650 million in cash.
MDS intends to return approximately $400 million to $450 million of the sale proceeds to shareholders by way of a share buyback through a Substantial Issuer Bid, expected to be initiated in the next 30 days.
Fasken Martineau was Canadian counsel to MDS in this transaction with a team led by Scott Conover and Richard Steinberg and including, among others, Aaron Atkinson, Tracy Hooey, John Beardwood and Alex Nikolic (M&A); Anthony Baldanza and Mark Magro (competition); Samuel Rickett (strategic counsel); Armand Benitah (IP); Ralph Nero (employment); and Ross Gascho (pensions). Robert Harrison and Berkley Sells (litigation) acted in connection with a third party application to enjoin the transaction.
