A Medical Device Daily
Medrad (Warrendale, Pennsylvania), an affiliate of Bayer HealthCare (Leverkusen, Germany), reported completing its tender offer for the outstanding common stock of Possis Medical (Minneapolis).
Medrad agreed to acquire Possis in February via a cash tender offer for $19.50 a share (Medical Device Daily, Feb. 12, 2008). The deal is valued at about $361 million
As of the expiration of the offer this past Tuesday, Medrad reported a total of 14,951,550 Possis shares validly tendered in the offer and not withdrawn which, together with 715,141 shares to be tendered under guaranteed delivery procedures, represents about 92% of Possis' outstanding common stock.
Medrad also reported that it has initiated a subsequent offering period for all the remaining untendered shares that will expire at 5 p.m. EST, April 1, for the same cash price.
Medrad provides contrast injection systems used to diagnose cardiovascular and other diseases. Possis provides mechanical thrombectomy devices used to treat narrowed or blocked arteries and veins.