Par Pharmaceutical Companies, Inc., (PRX:Quote) and TPG said Friday that certain affiliates of TPG have completed the acquisition of Par.
As per the deal, Par's stockholders are entitled to receive $50.00 in cash for each share of Par common stock owned by them.
The companies noted that stockholders of record holding certificated shares will receive a letter of transmittal and instructions on how to surrender their shares of Par common stock in exchange for the merger consideration.
Patrick G. LePore, Par's Chairman of the Board, said, "This transaction has delivered significant value to our shareholders and is a strong endorsement of our business model, our team, and our unique position in the generic industry. As a private company, Par will have greater flexibility to pursue its longer term goals."
TPG's long-term orientation and access to additional capital will help support the continued growth and success of the Par franchise, added LePore.
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