A Medical Device Daily Staff Report
Micrus Endovascular (San Jose, California) reported that its stockholders approved a proposal to adopt the merger agreement which provides that Micrus is to become a wholly-owned subsidiary of Johnson & Johnson (J&J;New Brunswick, New Jersey) among other business, at its 2010 annual meeting of stockholders. Nearly 99% of the votes cast – representing nearly 71% of Micrus Endovascular's shares outstanding – voted to adopt the merger agreement.
In addition, Micrus Endovascular's stockholders voted in favor of all proposals presented at the annual meeting, including the re-election of the two members of Micrus Endovascular's board of directors who were up for re-election.
In July, J&J reported that it would try to acquire Micrus for $480 million (Medical Device Daily, July, 13, 2010).
Upon completion of the merger, Micrus Endovascular will become a wholly-owned subsidiary of J&J and each share of common stock of Micrus Endovascular will be converted into the right to receive $23.40 in cash.