June 14 (Reuters) - Sirtex Medical Ltd (SRX) : TERMINATES...

June 14 (Reuters) - Sirtex Medical Ltd (SRX) :

• TERMINATES VARIAN SCHEME & ENTERS INTO A BINDING SCHEME IMPLEMENTATION DEED WITH CDH GENETECH AND CHINA GRAND PHARMA
• UNANIMOUSLY FORMED VIEW THAT CDH-CGP PROPOSAL IS SUPERIOR TO PROPOSED SCHEME OF ARRANGEMENT WITH VARIAN
• CDH & CHINA GRAND PHARMACEUTICAL AND HEALTHCARE HOLDINGS WILL BUY 100% OF SHARES IN SIRTEX FOR A$33.60 IN CASH PER SIRTEX SHARE
• BOARD UNANIMOUSLY RECOMMENDS SIRTEX SHAREHOLDERS VOTE IN FAVOUR OF CDH- CGP SCHEME
• REQUIRED TO PAY A BREAK FEE TO VARIAN OF ABOUT A$16 MLN AS A RESULT OF SIRTEX BOARD SUPPORTING CDH-CGP SCHEME
• BOARD INTENDS TO VOTE SHARES IN THEIR CONTROL IN FAVOUR OF PROPOSED CDH-CGP SCHEME
• TERMINATES VARIAN SCHEME & ENTERS INTO A BINDING SCHEME IMPLEMENTATION DEED WITH CDH GENETECH AND CHINA GRAND PHARMA