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Virbac Corporation (VBAC) "Going Private" Transaction Completed; Company Now Wholly Owned By The Virco Group NV And Delisted From Nasdaq


11/13/2006 11:20:39 AM

CARROS, France, and FORT WORTH, Texas, Nov. 13 /PRNewswire/ --Virbac S.A. and Virbac Corporation announced today the completion of the merger of Labogroup Holding, Inc., an indirect wholly owned subsidiary of Virbac S.A. ("Labogroup"), into Virbac Corporation. The previously announced merger followed a successfully completed cash tender which expired at midnight, New York City time, on Tuesday, October 31, 2006. Immediately prior to the effectiveness of the merger, Labogroup held approximately 97.3% of Virbac Corporation's outstanding shares. As a result of the merger, Virbac Corporation is now 100% owned by the Virbac Group.

In the merger, each outstanding share of Virbac Corporation common stock (other than shares owned by Labogroup) was converted into the right to receive $5.75 in cash. Information regarding the procedure for exchanging shares of Virbac Corporation common stock for cash or exercising appraisal rights is being mailed to former Virbac Corporation stockholders on November 14, 2006.

BMO Capital Markets Corp. is financial advisor to Virbac S.A. and also acted as dealer manager for the tender offer. Baker & McKenzie LLP is providing legal counsel to Virbac S.A.

Houlihan Lokey Howard & Zukin acted as financial advisor and Latham & Watkins LLP provided legal counsel to the Special Committee of Virbac Corporation.

About Virbac S.A.:

Founded in 1968 and located in Carros, France, nearby Nice, Virbac S.A. is a global pharmaceutical company dedicated exclusively to animal health. It ranks 9th among veterinary companies worldwide. Its large range of biological and pharmaceutical products offers treatment and prevention for companion and food producing animals main pathologies. Virbac products are sold in more than 100 countries and through 24 foreign subsidiaries; the Group employs 2,500 people worldwide. Virbac S.A. has been listed on the Paris stock exchange (now Euronext (R)) since 1985.

This press release is available on Virbac S.A.'s website at http://www.virbac.com , and on the website of the Autorite des marches financiers at http://www.amf-france.org .

About Virbac Corporation:

Virbac Corporation, located in Fort Worth, Texas, and now an indirect wholly owned subsidiary of Virbac S.A., markets leading veterinary products under the brand names of Soloxine(R), C.E.T.(R) Home Dental Care, the Allerderm line of dermatology products, IVERHART(R) PLUS Flavored Chewables, and Preventic(R). For more information on Virbac Corporation and its products, please visit http://www.virbaccorp.com .

VIRBAC: Passionate about Animal Health

Virbac S.A.; Virbac Corporation

CONTACT: Michel Garaudet, Chief Financial Officer of Virbac S.A.,+33-4-92-08-71-32, or finances@virbac.fr ; or Erik R. Martinez, Presidentand Chief Executive Officer of Virbac Corporation, +1-817-831-5030


Read at BioSpace.com

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