ValueAct Capital Master Fund, L.P.

ValueAct Capital Master Fund III, L.P.

April 22, 2008 17:27 ET

ValueAct Capital Joint Press Release

TORONTO, ONTARIO--(Marketwire - April 22, 2008) - ValueAct Capital Master Fund, L.P. and ValueAct Capital Master Fund III, L.P. (together, "ValueAct Capital") announce that they together with VA Partners I, LLC, VA Partners III, LLC, ValueAct Capital Management, L.P., ValueAct Capital Management, LLC, ValueAct Holdings, L.P., and ValueAct Holdings GP, LLC. (collectively with ValueAct, the "VA Parties") entered into an agreement (the "Agreement") with Gregory P. Spivy and MDS Inc., dated as of April 21, 2008 pursuant to which Mr. Spivy, a partner of one of the VA Parties, has been appointed to the board of directors of MDS Inc. Pursuant to the agreement the VA Parties have agreed to vote any securities of MDS Inc. beneficially owned or controlled by them in favor of certain matters and have agreed to certain restrictions with respect to the acquisition, disposition, voting and other actions that may be taken by them in respect of such securities. The Agreement will substantially terminate on, and in certain circumstances before, the date immediately after the annual meeting of shareholders of MDS Inc. in 2009. It is understood that MDS Inc. will be publicly filing a copy of the Agreement and it will be available on www.sedar.com. ValueAct Capital owns 23,107,700 common shares of MDS Inc., comprising approximately 18.9% of the outstanding common shares of MDS Inc.

A report containing additional information in respect to the foregoing may be obtained by calling Dorothea Walsh at (415) 249-1211.

Contact Information

  • ValueAct Capital
    Dorothea Walsh
    (415) 249-1211