A Medical Device Daily Staff Repport
Inverness Medical Innovations (IMI; Waltham, Massachusetts) reported completing the acquisition of Matria Healthcare (Marietta, Georgia) prior to the opening of business on Friday, following approval by Matria shareholders last Thursday (Medical Device Daily, May 9, 2008).
The final purchase price consisted of around $143.9 million, and about 1.8 million shares of IMI Series B convertible perpetual preferred stock. In addition, existing options to purchase Matria stock have been assumed by IMI and have converted into options to purchase about 1.5 million shares of IMI common stock.
With the merger, Matria's common stock will no longer trades on the Nasdaq Global Select Market. All outstanding shares of Matria common stock, not owned by Matria or its affiliates, has been converted into the right to receive$6.50 in cash, without interest, and a portion of a share of Series B preferred stock of IMI.
The listing approval of the American Stock Exchange for the shares of Series B preferred stock is contingent upon IMI being in compliance listing standards on the date it was to begin trading on the exchange, expected this past Friday.
Matria is a provider of health management services, particularly in the areas of women's and children's health, cardiology and oncology.
IMI bills itself as a global leader in rapid point-of-care diagnostics, with a focus on infectious disease, cardiology, oncology, drugs of abuse and women's health.