Asahi closes 2nd phase of $2.2B Zoll buyout

April 26, 2012 by MassDevice staff

Asahi Kasei ends the 2nd phase of its $2.2 billion buyout of Zoll Medical, leaving it with more than 93% of the automated external defibrillator maker.

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Japanese chemicals conglomerate Asahi Kasei (TYO:3407) said it's close to owning 100% of Zoll Medical (NSDQ:Zoll) now that it's closed the 2nd phase of $2.2 billion buyout of the Chelmsford, Mass.-based automated external defibrillator maker.

Earlier this week Asahi said the 1st round wound up with it controlling about 21 million ZOLL shares in exchange for about $1.95 billion, or $93 apiece.

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That's about 86.1% of Zoll's common stock. As of midnight yesterday, when the 3-day subsequent offering expired, Asahi owned 93.1% of Zoll's outstanding stock, according to a press release.

The next step is a short-form merger that won't require any further approval from Zoll's shareholders. Once that's done, the company will become a wholly owned Asahi Kasei subsidiary and cease trading on the NASDAQ stock exchange.

"Upon completion of the merger, Zoll will become a wholly owned subsidiary within the Asahi Kasei Group, managed by the current Zoll management team and with all current business units and operations remaining intact," according to the release.

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