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news.Kyphon's stockholders have approved a merger agreement with Medtronic. Kyphon has entered into a definitive merger agreement with Medtronic, pursuant to which Medtronic agreed to acquire all of the outstanding common stock of Kyphon for $71 per share in cash.
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Consummation of the transaction remains subject to customary closing conditions, including clearance from antitrust authorities in Portugal and Turkey.
The initial review periods in both of these jurisdictions are scheduled to expire later this month unless the antitrust authorities extend the relevant periods. The parties intend to consummate the transaction reasonably promptly following the receipt of the required antitrust clearances in Portugal and Turkey and the satisfaction of the other customary closing conditions contained in the merger agreement, but in no event prior to November 1, 2007.