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news.Medical technology company Medtronic is closer to acquiring medical devices manufacturer Kyphon after US regulators ended its antitrust waiting period early.
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The Federal Trade Commission and the US Department of Justice, Antitrust Division have granted early termination of the Hart-Scott-Rodino waiting period for the previously announced merger agreement between the two companies.
Completion of the transaction, expected during the first quarter of 2008, remains subject to obtaining approvals of antitrust authorities in several other jurisdictions, the approval of Kyphon’s stockholders and other customary closing conditions.
A special meeting of Kyphon’s stockholders to vote on the proposed merger has been called on October 16, 2007.
As announced in Kyphon’s definitive proxy statement, the company is currently discussing a proposed consent decree with the FTC that would likely result in divestiture of most, and potentially all, of the Confidence assets that Kyphon proposed to acquire from Disc-O-Tech Medical Technologies.