Zoetis, Abaxis Announce HSR Clearance For Zoetis' Acquisition Of Abaxis

(RTTNews) - Zoetis Inc. (ZTS) and Abaxis, Inc. (ABAX) announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with Zoetis' previously-announced acquisition of Abaxis for $83.00 per share in cash, or about $2.0 billion in aggregate.

The companies noted that the expiration of the waiting period under the HSR Act satisfies one of the conditions necessary for the consummation of the transaction.

However, the transaction is subject to other customary closing conditions, including the approval of Abaxis shareholders. Abaxis shareholders will vote on the transaction at a special meeting of shareholders currently scheduled to be held on July 31, 2018.

Zoetis said it expects to complete the acquisition shortly after the Abaxis special meeting if all of the conditions to closing are then satisfied. The company intends to fund the purchase through a combination of existing cash and new debt.