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Enter Symbol
or Name
USA
CA



QLT Inc
Symbol QLT
Shares Issued 52,829,398
Close 2015-09-04 C$ 4.53
Market Cap C$ 239,317,173
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QLT has until Sept. 10 to amend offer for InSite

2015-09-04 21:18 ET - News Release

An anonymous director reports

QLT PROVIDES ADDITIONAL UPDATE ON ITS PROPOSED ACQUISITION OF INSITE VISION INCORPORATED

QLT Inc. has been advised by InSite Vision Inc. that the board of directors of InSite has determined, in good faith and after consultation with its independent financial and legal advisers, that the second unsolicited offer, as announced in QLT's press release on Sept. 3, 2015, from the multinational pharmaceutical company to acquire all of the issued and outstanding shares of InSite, constitutes a company superior proposal, as defined in the amended and restated agreement and plan of merger, dated June 8, 2015, by and among Insite, QLT and Isotope Acquisition Corp., as amended and restated on July 16, 2015, and Aug. 26, 2015.

Under the amended and restated merger agreement, QLT has the option until 5 p.m. PDT on Sept. 10, 2015, to negotiate a possible amendment to the terms of the amended and restated merger agreement. InSite has advised QLT that it intends to negotiate in good faith with QLT during the negotiation period. If at the end of the negotiation period, such amended QLT proposal results in the new proposal not being a company superior proposal under the amended and restated merger agreement, InSite and QLT will enter into an agreement to reflect the amended terms of the transaction. InSite has advised QLT that if at the end of the negotiation period, the new proposal continues to be a company superior proposal, then InSite intends to terminate the amended and restated merger agreement to enter into an agreement with the bidder and pay a termination fee to QLT in the amount of $2,667,000. In this event, InSite will also be required to pay to QLT all principal and interest owing by InSite to QLT under the June 8, 2015, secured loan advanced in connection with the amended and restated merger agreement.

QLT is considering its position with respect to the new proposal and will keep the market apprised of further developments.

We seek Safe Harbor.

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