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Sirtex takeover by CDH Investments gets Australian approval

Sirtex Medical Ltd. said a scheme of arrangement to be taken over by CDH Investments for A$33.60 per share has received Australian approval.

The scheme was granted clearance by the Australian Foreign Investment Review Board, satisfying a condition for the deal's implementation.

The transaction is still subject to other requirements, including U.S. antitrust approval.

On June 14, the Australian biotechnology company recommended a takeover bid by CDH and China Grand Pharmaceutical and Healthcare Holdings Ltd. to its shareholders — months after agreeing to be acquired by California's Varian Medical Systems Inc. for A$28 per share.