SYNERGY HEALTHCARE PLC RNS Numbe r : 580 7O S te ris Co rp o ratio n
29 May 20 15
T HIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICAT ION OR DIST RIBUT ION, IN WHOLE OR IN PART, DIRECT LY OR INDIRECT LY IN OR INT O OR FROM ANY JURISDICT ION WHERE T O DO SO WOULD CONST IT UT E A VIOLAT ION OF T HE RELEVANT LAWS OF T HAT JURISDICT IONST ERIS CORPORAT ION NEWS ANNOUNCEMENT FOR IMMEDIAT E RELEASE
ST ERIS CORPORAT ION T O CONT EST U.S. FEDERAL T RADE COMMISSION'S ATT EMPT T O BLOCK SYNERGY HEALT H ACQUISIT ION
MENT OR, OHIO AND SWINDON, U.K. - May 2 9, 2 015 - ST ERIS Corporation (NYSE: ST E) ("ST ERIS") an d Syn ergy Health plc (LSE: SYR) ("Syn ergy") h ave been in formed by th e U.S. Federal T rade Commis s ion ("FT C") th at th e FT C in ten ds to s eek to block th eir propos ed combin ation . ST ERIS an d Syn ergy today an n ou n ced th at th ey will con tes t th e FT C's attempted action , an d th ey welcome a fu ll ju dicial review of th e competitive effects of th e combin ation . Un der U.K. Lis tin g Au th ority requ iremen ts , Syn ergy is requ ired to an n ou n ce th is developmen t even th ou gh th e compan ies h ave n ot s een th e FT C an n ou n cemen t or formal complain t.
ST ERIS an d Syn ergy con tin u e to believe th at th e combin ation is procompetitive an d in th e bes t in teres t of all con s titu en ts of th e two compan ies , in clu din g Cu s tomers . T h e two compan ies are committed to completin g th e tran s action
as expeditiou s ly as pos s ible.
"It is u n fortu n ate th at we h ave come to th is poin t with a tran s action as s trategic an d geograph ically complimen tary as ou rs ," s aid Walt Ros ebrou gh , Pres iden t an d CEO of ST ERIS Corporation . "We h ave worked diligen tly to addres s th e FT C's con cern s an d to avoid litigation , bu t we will n ow focu s ou r efforts on prevailin g in cou rt."
Rich ard Steeves , CEO of Syn ergy, commen ted: "We con tin u e to main tain th at
th e combin ation is firmly in th e in teres ts of all ou r an d ST ERIS's s takeh olders ,
n otably in clu din g ou r res pective Cu s tomers . We are very dis appoin ted by th e
FT C's decis ion to impede th is tran s action an d in ten d to vigorou s ly ch allen ge
th eir claims in cou rt. We h ave s tron g Cu s tomer s u pport for th e tran s action
an d we are con fiden t th at th e combin ation of ST ERIS an d Syn ergy is pro-
competitive an d th at th e cou rt will reject th e FT C's requ es t for an in ju n ction
on ce th e facts of th e combin ation are fu lly u n ders tood."
In order to en s u re s u fficien t timin g to con tes t th e FT C's action , th e parties in ten d to exten d th e lon g-s top date for completion of th e combin ation to
December 31, 2 015, an d ST ERIS expects to exten d its Bridge Credit Agreemen t to th at date, as well. Exten s ion of th e lon g-s top date is s u bject to U.K. cou rt approval, wh ich will be s ou gh t as s oon as reas on ably practicable.
About ST ERIS
T h e mis s ion of ST ERIS Corporation is to h elp ou r Cu s tomers create a h ealth ier an d s afer world by providin g in n ovative h ealth care an d life s cien ce produ ct an d s ervice s olu tion s arou n d th e globe. T h e Compan y is lis ted on th e New York Stock Exch an ge u n der th e s ymbol ST E. For more in formation , vis it www.s teris .com.
About Synergy HealthSyn ergy Health plc is a global leader in ou ts ou rced s terilization s ervices for medical device man u factu rers , h os pitals an d oth er in du s tries , bas ed in th e Un ited Kin gdom. T h e Compan y offers s ervices th at s u pport th eir Cu s tomers ' ability to improve th e qu ality an d efficien cy of th eir activities , wh ile redu cin g ris ks to th eir patien ts an d clien ts . Syn ergy is lis ted on th e Lon don Stock Exch an ge u n der th e s ymbol SYR. For more in formation , vis it www.s yn ergyh ealth plc.com.
A copy of th is an n ou n cemen t will be available on ST ERIS's webs ite at h ttp://www.s teris .com/s yn ergy/acqu is ition .cfm.
Enquiries: ST ERIS
In ves tor Con tact: Ju lie Win ter, Director,
In ves tor Relation s Tel: +1 4 4 0 392 72 4 5
Media Con tact:
Steph en Norton , Sen ior Director, Corporate
Commu n ication s Tel: +1 4 4 0 392 74 82
Laz ard & Co., Limited (Financial Adviser to ST ERIS and New ST ERIS)
Steph en San ds
Nich olas Sh ott Tel: +4 4 2 0 7187 2 000
Al Garn er Tel: +1 2 12 632 6000
An drew Dickin s on Tel: +1 4 15 62 3 5000
Lazard & Co., Limited, wh ich is au th oris ed an d regu lated in th e Un ited Kin gdom by th e Fin an cial Con du ct Au th ority, is actin g exclu s ively as fin an cial advis er to ST ERIS Corporation ("ST ERIS") an d New ST ERIS Limited ("New ST ERIS") an d n o on e els e in con n ection with th e propos ed tran s action , pu rs u an t to wh ich a wh olly own ed in direct s u bs idiary of New ST ERIS will merge with an d in to ST ERIS with ST ERIS s u rvivin g th e Merger as an in direct
wh olly own ed s u bs idiary of New ST ERIS an d New ST ERIS will acqu ire all of th e ou ts tan din g s h ares of Syn ergy Health plc ("Syn ergy") by mean s of a cou rt- s an ction ed s ch eme of arran gemen t u n der En glis h law (th e "Combin ation ") an d will n ot be res pon s ible to an yon e oth er th an ST ERIS an d New ST ERIS for providin g th e protection s afforded to clien ts of Lazard & Co., Limited n or for providin g advice in relation to th e Combin ation or an y oth er matters referred to in th is An n ou n cemen t. Neith er Lazard & Co., Limited n or an y of its affiliates owes or accepts an y du ty, liability or res pon s ibility wh ats oever (wh eth er direct
or in direct, wh eth er in con tract, in tort, u n der s tatu te or oth erwis e) to an y pers on wh o is n ot a clien t of Lazard & Co., Limited in con n ection with th is An n ou n cemen t, an y s tatemen t con tain ed h erein , th e Combin ation or oth erwis e.
Un der Ru le 8.3(a) of th e Code, an y pers on wh o is in teres ted in 1% or more of an y clas s of relevan t s ecu rities of an offeree compan y or of an y s ecu rities exch an ge offeror (bein g an y offeror oth er th an an offeror in res pect of wh ich it h as been an n ou n ced th at its offer is , or is likely to be, s olely in cas h ) mu s t make an Open in g Pos ition Dis clos u re followin g th e commen cemen t of th e offer period an d, if later, followin g th e an n ou n cemen t in wh ich an y s ecu rities exch an ge offeror is firs t iden tified. An Open in g Pos ition Dis clos u re mu s t con tain details of th e pers on 's in teres ts an d s h ort pos ition s in , an d righ ts to s u bs cribe for, an y relevan t s ecu rities of each of (i) th e offeree compan y an d (ii) an y s ecu rities exch an ge offeror(s ). An Open in g Pos ition Dis clos u re by a pers on to wh om Ru le 8.3(a) applies mu s t be made by n o later th an 3.30 pm (Lon don time) on th e 10th bu s in es s day followin g th e commen cemen t of th e offer
period an d, if appropriate, by n o later th an 3.30 pm (Lon don time) on th e 10th bu s in es s day followin g th e an n ou n cemen t in wh ich an y s ecu rities exch an ge offeror is firs t iden tified. Relevan t pers on s wh o deal in th e relevan t s ecu rities of th e offeree compan y or of a s ecu rities exch an ge offeror prior to th e
deadlin e for makin g an Open in g Pos ition Dis clos u re mu s t in s tead make a
Dealin g Dis clos u re.
Un der Ru le 8.3(b) of th e Code, an y pers on wh o is , or becomes , in teres ted in
1% or more of an y clas s of relevan t s ecu rities of th e offeree compan y or of an y
s ecu rities exch an ge offeror mu s t make a Dealin g Dis clos u re if th e pers on
deals in an y relevan t s ecu rities of th e offeree compan y or of an y s ecu rities
exch an ge offeror. A Dealin g Dis clos u re mu s t con tain details of th e dealin g
con cern ed an d of th e pers on 's in teres ts an d s h ort pos ition s in , an d righ ts to
s u bs cribe for, an y relevan t s ecu rities of each of (i) th e offeree compan y an d (ii)
an y s ecu rities exch an ge offeror, s ave to th e exten t th at th es e details h ave
previou s ly been dis clos ed u n der Ru le 8. A Dealin g Dis clos u re by a pers on to
wh om Ru le 8.3(b) applies mu s t be made by n o later th an 3.30 pm (Lon don time)
on th e bu s in es s day followin g th e date of th e relevan t dealin g.
If two or more pers on s act togeth er pu rs u an t to an agreemen t or u n ders tan din g, wh eth er formal or in formal, to acqu ire or con trol an in teres t in relevan t s ecu rities of an offeree compan y or a s ecu rities exch an ge offeror, th ey will be deemed to be a s in gle pers on for th e pu rpos e of Ru le 8.3.
Open in g Pos ition Dis clos u res mu s t als o be made by th e offeree compan y an d by an y offeror an d Dealin g Dis clos u res mu s t als o be made by th e offeree compan y, by an y offeror an d by an y pers on s actin g in con cert with an y of th em (s ee Ru les 8.1, 8.2 an d 8.4 ).
Details of th e offeree an d offeror compan ies in res pect of wh os e relevan t s ecu rities Open in g Pos ition Dis clos u res an d Dealin g Dis clos u res mu s t be
made can be fou n d in th e Dis clos u re Table on th e Takeover Pan el's webs ite at www.th etakeoverpan el.org.u k, in clu din g details of th e n u mber of relevan t s ecu rities in is s u e, wh en th e offer period commen ced an d wh en an y offeror was firs t iden tified. You s h ou ld con tact th e Pan el's Market Su rveillan ce Un it
on +4 4 (0)2 0 7638 012 9 if you are in an y dou bt as to wh eth er you are requ ired to make an Open in g Pos ition Dis clos u re or a Dealin g Dis clos u re.
T h is commu n ication is provided for in formation al pu rpos es on ly an d does n ot con s titu te an offer to s ell, or an in vitation to s u bs cribe for, pu rch as e or exch an ge, an y s ecu rities or th e s olicitation of an y vote or approval in an y ju ris diction , n or s h all th ere be an y s ale, is s u an ce, exch an ge or tran s fer of th e s ecu rities referred to in th is commu n ication in an y ju ris diction in
con traven tion of applicable law.
T h is commu n ication may con tain s tatemen ts con cern in g certain tren ds , expectation s , forecas ts , es timates , or oth er forward-lookin g in formation affectin g or relatin g to Syn ergy or ST ERIS or its in du s try, produ cts or activities th at are in ten ded to qu alify for th e protection s afforded "forward-lookin g s tatemen ts " u n der th e Private Secu rities Litigation Reform Act of 1995 an d oth er laws an d regu lation s . Forward-lookin g s tatemen ts s peak on ly as to th e date of th is commu n ication an d may be iden tified by th e u s e of forward-
lookin g terms s u ch as "may," "will," "expects ," "believes ," "an ticipates ," "plan s ," "es timates ," "projects ," "targets ," "forecas ts ," "ou tlook," "impact," "poten tial," "con fiden ce," "improve," "optimis tic," "deliver," "comfortable," "tren d", an d "s eeks ," or th e n egative of s u ch terms or oth er variation s on s u ch terms or comparable termin ology. Man y importan t factors cou ld cau s e actu al res u lts to differ materially from th os e in th e forward-lookin g s tatemen ts in clu din g, with ou t limitation , dis ru ption of produ ction or s u pplies , ch an ges in market con dition s , political even ts , pen din g or fu tu re claims or litigation , competitive factors , tech n ology advan ces , action s of regu latory agen cies , an d ch an ges in laws , govern men t regu lation s , labelin g or produ ct approvals or th e
application or in terpretation th ereof. Oth er ris k factors are des cribed h erein an d in ST ERIS an d Syn ergy's oth er s ecu rities filin gs , in clu din g Item 1A of ST ERIS's An n u al Report on Form 10-K for th e year en ded March 31, 2 015 dated May 2 7, 2 015 an d in Syn ergy's an n u al report an d accou n ts for th e year en ded 30 March 2 014 (s ection h eaded "prin cipal ris ks an d u n certain ties "). Man y of th es e importan t factors are ou ts ide of ST ERIS's or Syn ergy's con trol. No as s u ran ces can be provided as to an y res u lt or th e timin g of an y ou tcome regardin g matters des cribed in th is commu n ication or oth erwis e with res pect to an y regu latory action , admin is trative proceedin gs , govern men t in ves tigation s , litigation , warn in g letters , con s en t decree, cos t redu ction s , bu s in es s s trategies , earn in gs or reven u e tren ds or fu tu re fin an cial res u lts . Referen ces to produ cts an d th e con s en t decree are s u mmaries on ly an d
s h ou ld n ot be con s idered th e s pecific terms of th e decree or produ ct clearan ce or literatu re. Un les s legally requ ired, ST ERIS an d Syn ergy do n ot u n dertake
to u pdate or revis e an y forward-lookin g s tatemen ts even if even ts make clear th at an y projected res u lts , expres s or implied, will n ot be realized. Oth er poten tial ris ks an d u n certain ties th at cou ld cau s e actu al res u lts to differ materially from th os e in th e forward-lookin g s tatemen ts in clu de, with ou t limitation , (a) th e receipt of approval of both ST ERIS's s h areh olders an d Syn ergy's s h areh olders , (b) th e regu latory approvals requ ired for th e tran s action n ot bein g obtain ed on th e terms expected or on th e an ticipated s ch edu le, (c) th e parties ' ability to meet expectation s regardin g th e timin g, completion an d accou n tin g an d tax treatmen ts of th e tran s action , (d) th e pos s ibility th at th e parties may be u n able to ach ieve expected s yn ergies an d operatin g efficien cies in con n ection with th e tran s action with in th e expected time-frames or at all an d to s u cces s fu lly in tegrate Syn ergy's operation s in to th os e of ST ERIS, (e) th e in tegration of Syn ergy's operation s in to th os e of ST ERIS bein g more difficu lt, time-con s u min g or cos tly th an expected, (f) operatin g cos ts , cu s tomer los s an d bu s in es s dis ru ption (in clu din g, with ou t limitation , difficu lties in main tain in g relation s h ips with employees , cu s tomers , clien ts or s u ppliers ) bein g greater th an expected followin g th e tran s action ,
(g) th e reten tion of certain key employees of Syn ergy bein g difficu lt, (h ) ch an ges in tax laws or in terpretation s th at cou ld in creas e ou r con s olidated tax liabilities , in clu din g, if th e tran s action is con s u mmated, ch an ges in tax
laws th at wou ld res u lt in New ST ERIS bein g treated as a domes tic corporation for Un ited States federal tax pu rpos es , (i) th e poten tial for in creas ed pres s u re on pricin g or cos ts th at leads to eros ion of profit margin s , (j) th e pos s ibility th at market deman d will n ot develop for n ew tech n ologies , produ cts or application s or s ervices , or bu s in es s in itiatives will take lon ger, cos t more or produ ce lower ben efits th an an ticipated, (k) th e pos s ibility th at application of or complian ce with laws , cou rt ru lin gs , certification s , regu lation s , regu latory action s , in clu din g with ou t limitation th os e relatin g to FDA warn in g n otices or letters , govern men t in ves tigation s , th e ou tcome of an y pen din g FDA requ es ts , in s pection s or s u bmis s ion s , or oth er requ iremen ts or s tan dards may delay,
limit or preven t n ew produ ct in trodu ction s , affect th e produ ction an d marketin g of exis tin g produ cts or s ervices or oth erwis e affect ST ERIS's or Syn ergy's performan ce, res u lts , pros pects or valu e, (l) th e poten tial of in tern ation al u n res t, econ omic down tu rn or effects of cu rren cies , tax as s es s men ts , adju s tmen ts or an ticipated rates , raw material cos ts or availability, ben efit or retiremen t plan cos ts , or oth er regu latory complian ce cos ts , (m) th e pos s ibility of redu ced deman d, or redu ction s in th e rate of growth in deman d, for ST ERIS's or Syn ergy's produ cts an d s ervices , (n ) th e pos s ibility th at an ticipated growth , cos t s avin gs , n ew produ ct acceptan ce, performan ce or approvals , or oth er res u lts may n ot be ach ieved, or th at tran s ition , labor, competition , timin g, execu tion , regu latory, govern men tal, or oth er is s u es or ris ks as s ociated with ST ERIS an d Syn ergy's bu s in es s es , in du s try or in itiatives in clu din g, with ou t limitation , th e con s en t decree or th os e matters des cribed in ST ERIS's Form 10-K for th e year en ded March 31,
2 015 an d oth er s ecu rities filin gs , may advers ely impact ST ERIS's or Syn ergy's performan ce, res u lts , pros pects or valu e, (o) th e pos s ibility th at an ticipated fin an cial res u lts or ben efits of recen t acqu is ition s , or of ST ERIS's res tru ctu rin g efforts will n ot be realized or will be oth er th an an ticipated, (p)
th e effects of th e con traction s in credit availability, as well as th e ability of ST ERIS's an d Syn ergy's cu s tomers an d s u ppliers to adequ ately acces s th e credit markets wh en n eeded, an d (q) th os e ris ks des cribed in ST ERIS's An n u al Report on Form 10-K for th e year en ded March 31, 2 015, an d oth er s ecu rities filin gs .
Followin g its con vers ion to a pu blic limited compan y, it is expected th at th e s h ares of New ST ERIS to be is s u ed to Syn ergy Sh areh olders in th e En glis h law s ch eme of arran gemen t tran s action th at forms a part of th e tran s action will
be is s u ed in relian ce u pon th e exemption from th e regis tration requ iremen ts
of th e Secu rities Act of 1933, as amen ded, provided by Section 3(a)(10) th ereof.
In con n ection with th e is s u an ce of New ST ERIS s h ares to ST ERIS s h areh olders pu rs u an t to th e merger th at forms a part of th e tran s action , New ST ERIS h as filed with th e SEC a Regis tration Statemen t on Form S-4 , wh ich was declared effective on Febru ary 6, 2 014 , th at con tain s a proxy s tatemen t of ST ERIS as well as a pros pectu s of New ST ERIS relatin g to th e merger th at forms a part of th e tran s action , wh ich we refer to togeth er as th e Proxy Statemen t/Pros pectu s .
INVEST ORS AND SECURIT Y HOLDERS ARE URGED T O READ T HE PROXY STAT EMENT /PROSPECT US, AND OT HER DOCUMENT S FILED WIT H T HE SEC IN CONNECT ION WIT H T HE T RANSACT ION CAREFULLY AND IN T HEIR
ENT IRET Y, BECAUSE T HEY CONTAIN IMPORTANT INFORMAT ION ABOUT T HE T RANSACT ION, T HE PART IES T O T HE T RANSACT ION AND T HE RISKS ASSOCIAT ED WIT H T HE T RANSACT ION.
T h os e docu men ts , as well as ST ERIS's an d New ST ERIS's oth er pu blic filin gs with th e SEC may be obtain ed with ou t ch arge at th e SEC's webs ite at www.s ec.gov, at ST ERIS's webs ite at www.steris-ir.com. Secu rity h olders an d oth er in teres ted parties may obtain , with ou t ch arge, a copy of th e Proxy Statemen t/Pros pectu s an d oth er relevan t docu men ts (wh en available) by directin g a requ es t by mail or teleph on e Ju lie_Win ter@s teris .com or (4 4 0) 392 -
72 4 5. Secu rity h olders may als o read an d copy an y reports , s tatemen ts an d oth er in formation filed with th e SEC at th e SEC pu blic referen ce room at 100 F Street N.E., Room 1580, Was h in gton , D.C. 2 054 9. Pleas e call th e SEC at (800)
732 -0330 or vis it th e SEC's webs ite for fu rth er in formation on its pu blic referen ce room.
ST ERIS, its directors an d certain of its execu tive officers may be con s idered participan ts in th e s olicitation of proxies in con n ection with th e tran s action s con templated by th e Proxy Statemen t/Pros pectu s . In formation abou t th e directors an d execu tive officers of ST ERIS is s et forth in its An n u al Report on Form 10-K for th e year en ded March 31, 2 015, wh ich was filed with th e SEC on May 2 7, 2 015, an d its proxy s tatemen t for its 2 014 an n u al meetin g of s h areh olders , wh ich was filed with th e SEC on Ju n e 9, 2 014 . Oth er in formation regardin g poten tial participan ts in th e proxy s olicitation s an d a des cription of th eir direct an d in direct in teres ts , by s ecu rity h oldin gs or oth erwis e, is con tain ed in th e Proxy Statemen t/Pros pectu s .
Syn ergy an d New ST ERIS are each organ ized u n der th e laws of En glan d an d Wales . Some of th e officers an d directors of Syn ergy an d New ST ERIS are res iden ts of cou n tries oth er th an th e Un ited States . As a res u lt, it may n ot be pos s ible to s u e Syn ergy, New ST ERIS or s u ch pers on s in a n on -US cou rt for violation s of US s ecu rities laws . It may be difficu lt to compel Syn ergy, New ST ERIS an d th eir res pective affiliates to s u bject th ems elves to th e ju ris diction an d ju dgmen t of a US cou rt or for in ves tors to en force again s t th em th e ju dgmen ts of US cou rts .
T his info rmatio n is p ro vide d by RNS
T he co mp any ne ws se rvice fro m the Lo ndo n S to ck Exchang e
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