A Medical Device Daily
Cytyc (Marlborough, Massachusetts) reported that its wholly owned subsidiary, Augusta Medical has now purchased more than 92% of the outstanding shares of common stock of Adeza Biomedical (Sunnyvale, California).
The initial offering period for the $452 million deal, that was first disclosed last month (Medical Device Daily, Feb. 13, 2007), expired, as scheduled, on March 16.
At that time, Augusta had purchased about 87.4% of Adeza's outstanding common shares that had been tendered in the initial offering period.
The subsequent offering period for any and all remaining outstanding Adeza shares will expire at midnight, EDT, March 30.
All shares validly tendered during this subsequent offering period will be immediately accepted by Augusta and the tendering stockholders will be promptly paid after acceptance. The same $24 per share price offered in the initial offering period will be paid during the subsequent offering period.
As a result of Augusta's ownership of more than 90% of Adeza's outstanding shares of common stock, all shares of Adeza common stock not tendered during the subsequent offering period, and not held by a holder who demands appraisal rights for such shares under the Delaware General Corporation Law, will be converted into the right to receive $24 per share in cash pursuant to a short form merger which will occur promptly after the expiration of the subsequent offering period.
Cytyc manufactures diagnostic and surgical products in the women's healthcare sector.
In other dealmaking activity:
LHC Group (Lafayette, Louisiana), a provider of post-acute healthcare services primarily in rural markets, reported that it has signed an agreement with Roane General Hospital (Spencer, West Virginia) to acquire a 100% interest in the assets of Roane General Home Health (Spencer).
The service area of this acquisition spans two counties and brings LHC Group's total service area in West Virginia to 16 counties with an estimated population of 330,000, almost 16% over the age of 65.
LHC Group will be operating the agency under the name Roane HomeCare.
In separate transactions, LHC signed two license lease agreements.
One of these agreements was signed with Fulton County Hospital (Salem, Arkansas). The approximate population in this service area is 139,000, with 21% over the age of 65. LHC Group will be operating the agency under the name Arkansas HomeCare of Fulton.
The other agreement converts a current management agreement, which LHC Group has been managing since October 2004, to a license lease agreement.
The approximate population in this service area is 437,000, with 13% over age 65.