UPDATE: Covidien closes ev3 buyout

July 12, 2010 by MassDevice staff

Hours after announcing the close of its $22.50-per-share tender offer for ev3 Inc., Covidien plc announces the consummation of the $2.6 billion buyout of the Minnesota vascular device maker.

COV, EVVV logos

Covidien plc (NYSE:COV) consummated a $2.6 billion deal to acquire ev3 Inc. (NSDQ:EVVV), hours after closing its tender offer for shares in the Minnesota vascular device maker.

Mansfield, Mass.-based Covidien shelled out $22.50 per share for about 100.8 million ev3 shares. That $2.27 billion gave it roughly 87.7 percent of ev3's outstanding shares and cleared the way for a Covidien holding company to complete the merger without any further input from ev3 stockholders.

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