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news.Bayer HealthCare affiliate Medrad and Possis Medical have entered into a definitive merger agreement pursuant to which Medrad will acquire Possis Medical in a cash tender offer for $19.50 per share, or a total equity value of approximately $361 million.
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The offer price represents a premium of approximately 39% over Possis Medical’s average closing price for the thirty days prior to February 8, 2008. The board of directors of Possis Medical has unanimously approved the transaction and resolved to recommend the offer to their shareholders.
The tender is to be followed by a second-step merger in which any untendered Possis Medical shares would be converted into the right to receive the same price per share as shareholders who tendered in the cash tender offer. The tender offer is expected to close in the first quarter of 2008.
John Friel, president and CEO of Medrad, said: “This merger will capitalize on both companies’s strengths to deliver growth in our current markets, and create a formidable cardiovascular portfolio in the future.”