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Johnson & Johnson
JNJ today announced that it has received U.S. regulatory clearance for its
proposed acquisition of Synthes, Inc. This completes all regulatory approvals
required to close the transaction. Johnson & Johnson expects to close the
transaction with Synthes on June 14, 2012, subject to the satisfaction of
customary closing conditions on that date, for a total purchase price of
approximately $19.7 billion in cash and stock.
Based on a June 14, 2012 closing date, each outstanding share of Synthes
common stock will be converted into the right to receive CHF 55.65 in cash and
1.7170 shares of Johnson & Johnson common stock (subject to the payment of
cash in lieu of fractional shares). The exchange ratio was calculated based on
the average of the volume weighted average trading prices of Johnson & Johnson
common stock on the New York Stock Exchange (NYSE) on each of the 10
consecutive trading days ending two trading days prior to the effective time
of the merger, as converted into CHF on each day during this valuation period
(beginning May 30, 2012 and ending, June 12, 2012). Further information
regarding closing instructions for Synthes stockholders can be found on
www.investor.jnj.com or www.Synthes.com.
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