NEW YORK (GenomeWeb News) – Millipore said today that with the completion of its purchase by Merck KGaA, it is delivering a notice to holders of its 3.75 percent Convertible Senior Notes due 2026 that the effective date of the Make-Whole Fundamental Change was July 14, when the deal was completed.
The purchase's completion also triggered an increase in the conversion rate "applicable to notes surrendered for conversion during the Make-Whole Conversion period," Millipore said.
As a result of the Make-Whole Fundamental Change, the conversion rates applicable to notes surrendered for conversion during the Make-Whole Convertibility period is being increased to 0.7519 shares per $1,000 principal amount of notes, resulting in an additional cash payment of $80.46 for each $1,000 in principal amount of notes.
Holders of such notes must surrender them during the Make-Whole Conversion period, which began on June 14 and ends the latter of Aug. 25 and the "Fundamental Change Repurchase Date, which Millipore will announce within 20 business days after consummation of the share exchange.