JLL Partners Inc. of New York has announced a bid for the 70 per cent of Patheon Inc. it does not already own, offering US$2.00 per share for the drug manufacturer. The price — C$2.51 per share at current exchange rates — values the company’s equity at about C$227 million. It compares with Patheon’s closing price of $1.07 on the Toronto Stock Exchange. JLL Partners, a Manhattan private equity firm with US$3.2 billion under management, noted Monday that its offer constitutes an insider bid under Canadian securities regulations. Patheon’s board will have to form a special committee and receive an independent valuation of the proposal.
