The acquisition was completed by means of a short-form merger under Delaware law
Sun Pharmaceutical Industries has acquired InSite Vision Incorporated. The acquisition was completed by means of a short-form merger under Delaware law. Post the short-form merger, InSite has become an indirect wholly-owned subsidiary of Sun Pharma.
As a result of the merger, each issued and outstanding share of InSite common stock was converted into the right to receive $0.35 and each option to acquire shares of InSite common stock that is unexercised and outstanding as of immediately prior to the merger, to the extent not then vested or exercisable, became fully vested and exercisable and was converted into the right to receive a cash payment in an amount equal to the excess, if any, of $0.35 over the exercise price of such option to acquire shares of InSite common stock. As a result of the merger, InSite will no longer have reporting obligations under the Securities Exchange Act of 1934, as amended.
Holders of shares of InSite common stock that did not tender their shares into the tender offer will receive by mail written instructions for surrendering their share certificates or transferring their book-entry shares, including a letter of transmittal, and information regarding the exercise of appraisal rights under Delaware law.