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news.Medtronic, a medical technology company, has announced that it has been successful in its bid, through an indirect wholly-owned subsidiary, to acquire CryoCath Technologies, a developer of cryotherapy products to treat cardiac arrythmias, at C$8.75 per share under its previously announced offer dated October 3, 2008.
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According to the company, the offer expired, as scheduled on November 12, 2008. A total of 41.13 million common shares of CryoCath were validly deposited at the time the offer expired, representing approximately 96.3% of CryoCath’s issued and outstanding common shares on a fully-diluted basis. These shares have been accepted for payment, which will be made on or before November 14, 2008.
In addition, the remaining common shares of CryoCath that have not been deposited under the offer are expected to be compulsorily acquired pursuant to the applicable provisions of the Companies Act (Quebec).
Upon completion of the compulsory acquisition, Medtronic intends to cause CryoCath to apply to de-list its shares from the Toronto stock exchange and to apply to securities regulatory authorities for it to cease to be a reporting issuer.