Shareholders of Kinetic Concepts Inc. (NYSE:KCI) approved a $6.3 billion offer from Apax Partners and a pair of Canadian pension funds, with the deal slated to close early next month.
Mergers & Acquisitions
KCI shareholders OK $6.3B Apax LBO
Shareholders of Kinetic Concepts Inc. (NYSE:KCI) approved a $6.3 billion offer from Apax Partners and a pair of Canadian pension funds, with the deal slated to close early next month.
The $68.50-per-share leveraged buyout was broached in July, when the consortium offered a deal representing a 16 percent premium on KCI’s closing price July 5, the day before rumors spread on Wall Street that the San Antonio, Texas-based wound management company was in play.
Bard shares dive despite decent Q3 results
C.R. Bard (NYSE:BCR) may have beaten The Street with its third-quarter results, but Wall Street investors are beating it back today, sending shares down nearly 4 percent.
The medical device maker reported its Q3 earnings and its $250 million acquisition of Medivance after the market closed yesterday. Bard posted profits of $130.1 million, or $1.46 per diluted share, on sales of $719.2 million for the three months ended Sept. 30.
Olympus’ new president quits amid fee scandal | MassDevice.com On Call
MASSDEVICE ON CALL — Olympus Corp.’s (TYO:7733) new president & chairman Tsuyoshi Kikukawa quit amid the ongoing scandal over financial advisor fees, which has cut the company’s market value in half in less than two weeks.
Kikukawa took over the corner office on October 14 after Michael Woodford, who had been on the job for about two weeks, questioned the $687 million paid to two financial advisors during a $2.2 billion acquisition of Gyrus Group in 2008.
FBI questions former Olympus CEO in fee scandal probe
The FBI is probing the $687 million fee Olympus Corp. (TYO:7733) paid an acquisitions advisor for its $2.2 billion buyout of Gyrus Group in 2008 and has interviewed former CEO Michael Woodford, a 30-year Olympus veteran who was sacked weeks after taking the top spot.
Woodford, who commissioned an external investigation of the record-breaking payment, told Reuters today that he’s spoken with FBI agents.
Mixed reaction to Abbott split, Olympus scandal deepens, Ferguson says tax will kill med-tech profits | MassDevice.com +3
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CaridianBCT and Terumo unite to become Terumo BCT
CaridianBCT and Terumo Transfusion unveiled plans to join the two companies into Terumo BCT at this year’s American Assn. of Blood Banks meeting.
The two companies will operate independently until spring 2012 when they will combine to form blood component technology company Terumo BCT.
More mixed reaction to Abbott split | Wall Street Beat
Wall Street is still buzzing about Abbott’s (NYSE:ABT) plan to split itself into separate pharmaceutical and medical products businesses, with one investment house raising its estimate on ABT shares (which symbol the medical products business will keep) but another downgrading derivatives traded on its debt.
Scandal deepens as Olympus admits to $687M fee
Olympus Corp. (TYO:7733) seems to have reversed its position on payments made during a $2.2 billion acquisition deal for Gyrus Group in 2008, now admitting that recently sacked CEO Michael Woodford was right that nearly one-third of the merger price went to financial advisors.
Tosho Inc. saves Health Robotics from hostile takeover attempts
Italian robotics maker Health Robotics was in danger of a hostile takeover until Tosho Inc. acquired an undisclosed minority stake of stock from the company’s original founders, allowing Health Robotics to repel takeover attempts and retain its independence.
Along with continuing exclusive Japanese distribution of Health Robotics’ products, Japan-based Tosho Inc. will be involved in the company’s global strategic plans and sales management.
Tosho Inc.’s vice president & CEO Yoshihito Omura will join Health Robotics’ board of directors.
Teleflex gets closer to pure-play med-tech by ditching its aerospace arm
Teleflex Inc. (NYSE:TFX) announced a definitive agreement to sell its aerospace business for $280 million as it takes steps toward becoming a pure-play medical device maker.
"Since 2007, we have been executing a strategy to transform Teleflex from a cyclical, diversified-industrial conglomerate into a pure-play medical technology company," president & CEO Benson Smith said in prepared remarks.