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news.US-based Medtronic has acquired the 1.57 million shares of Canada-based CryoCath Technologies not already owned by it by exercising its right to compulsorily acquire the CryoCath shares under Section 51 of the Companies Act.
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The compulsory acquisition followed an offer dated October 3, 2008 for all of the CryoCath shares at a price of C$8.75 per CryoCath share, which had been accepted by shareholders holding approximately 96.3% of the CryoCath shares.
As a result, CryoCath is now 100% owned by Medtronic. Accordingly, CryoCath intends to make an application to have the CryoCath shares delisted from the Toronto Stock Exchange and has applied to securities regulators to cease to be a reporting issuer under applicable Canadian securities laws.