Liminal BioSciences confirms buyout proposal from Structured Alpha

Liminal BioSciences confirms that following close of markets on April 4, the Board of Directors of the company received a non-binding proposal from Structured Alpha LP outlining a potential transaction to acquire all of the issued and outstanding common shares of the company that SALP does not currently own for $7.50 in cash per common share. SALP currently owns 1,987,622 common shares of Liminal Biosciences representing approximately 64.03% of the company’s currently outstanding common shares. The company’s board of directors will review the Proposal to determine the course of action that it believes is in the best interest of the Company. A special committee of the independent members of the Board has been formed and will evaluate the Proposal and any viable alternatives that may be available to the company. No decisions or recommendations have been made by the Special Committee regarding the transactions that are the subject of the Proposal at this time. Shareholders do not need to take any action with respect to the Proposal at this time. If an agreement with respect to the Proposal were to be reached with SALP, the company expects that any such transaction would be subject to Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions, and that completion of any such transaction would be subject to the requirement to obtain a formal valuation and to obtain approval of a majority of minority shareholders of the company.