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Zila (ZILA) Enters into Merger Agreement with TOLMAR Inc.
6/26/2009
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Zila, Inc. (Nasdaq:ZILA) today announced that it has entered into a definitive merger agreement with Tolmar Holding, Inc., a privately held, pharmaceutical research, development, manufacturing and commercial operations company. Under terms of the agreement, Tolmar will acquire all of the outstanding shares of Zila for a cash purchase price of $0.38 per share, representing an approximate premium of 18% over the closing price of Zila’s shares on June 24, 2009. Total consideration paid by Tolmar includes the purchase of Zila’s existing $12 million senior secured convertible debt at a discount.
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