The Financial Post reports in its Friday edition Patheon shareholders have overwhelmingly approved of a takeover offer that values the company at $1.4-billion (all figures U.S.). A Canadian Press dispatch to the Post says Patheon also released preliminary financial results showing that it almost broke even in the first quarter. The contract drug maker said the all-cash offer of $9.32 per share from a group backed by Patheon's largest shareholder, U.S. private equity firm JLL Partners, was approved by more than 99 per cent of those voting. The bid, which was 50 per cent above the company's market price shortly before the offer was made, would see JLL and European life sciences company Royal DSM combine Patheon into a new global contract drug maker with 23 locations around the world and 8,300 employees. The new company is to be owned 51 per cent by JLL and 49 per cent by Royal DSM. JLL Partners owned about 55.7 per cent of Patheon's equity when the offer was made. As a result, it will cost about $582-million to buy out shareholders other than JLL and its affiliates. Patheon said it expects its loss from continuing operations will be about $100,000 in the first quarter, reversing a $51.4-million loss earlier.