Basel, February 28, 2011 - Novartis announced today that the initial offering period of its previously announced cash tender offer to purchase all outstanding shares of common stock of Genoptix, Inc. (NASDAQ: GXDX) at USD 25.00 per share in cash has been completed and it is commencing a subsequent offering period as of February 28, 2011.
This subsequent offering period will expire at 12:00 midnight (New York City time) on March 4, 2011 (which is the end of day on March 4, 2011). Shares that are validly tendered during the subsequent offering period may not be withdrawn and will immediately be accepted for payment. The holders of tendered shares will be promptly paid the same amount per share offered in the initial offering period.
The depositary for the tender offer has advised Novartis that, as of midnight on February 25, 2011 when the initial offering period was completed, approximately 79.81% of Genoptix’s outstanding shares of common stock were tendered*. All these shares have been accepted for payment and all holders of these shares will promptly be paid.
The subsequent offering period may be extended as described in the offer to purchase mailed to Genoptix’s shareholders and filed with the U.S. Securities and Exchange Commission.
* Represents 14,121,547 shares validly tendered and not properly withdrawn and excludes 2,306,873 shares (approximately 13.04% of outstanding shares) tendered subject to guaranteed delivery procedures.