A Medical Device Daily
Merge Cedara ExchangeCo Limited, a subsidiary of Merge Technologies Holdings (Toronto) and an indirect subsidiary of Merge Healthcare (Milwaukee, Wisconsin), said its board of directors has set April 15 as the redemption date for Merge Cedara ExchangeCo Limited's outstanding exchangeable shares. Merge Technologies Holdings has exercised its overriding redemption call right and will acquire all of the outstanding exchangeable shares on April 15, the company noted.
The exchangeable shares were issued in conjunction with the acquisition of Cedara Software by Merge Healthcare in June 2005, on terms which permit their redemption on a date, no earlier than April 30, 2010, unless certain conditions are met in which case an earlier redemption date may be established by the board of directors of Merge Cedara ExchangeCo Limited. Such conditions have been met, the company said.
Holders of exchangeable shares on April 15 will be entitled to receive one common share of Merge Healthcare for each exchangeable share held. On and after April 15, former holders of exchangeable shares will no longer have any rights as holders of exchangeable shares other than the entitlement to common shares of Merge Healthcare.