Shareholders of two companies set to be acquired are suing over the offers, alleging that the companies breached their fiduciary duties in agreeing to the buyouts.
St. Jude’s $20.80-per-share bid for its Twin Cities peer is a roughly 41 percent premium over AGA Medical’s Oct. 15 closing price of $14.71. Shares were trading at $20.75 in pre-market activity after news of the deal broke.
The U.S. Dept. of Justice and the Federal Trade Commission handed Osteotech Inc. (NSDQ:OSTE) an early termination of the Hart-Scott-Rodino waiting period for the company’s proposed merger with Medtronic Inc. (NYSE:MDT), according to a regulatory filing.
The Eatontown, N.J.-based maker of bone-regenerative products announced the acceleration of the buyout process yesterday.
Ophthalmic device developer Beaver-Visitec is ready for business.
Natus Medical Inc. (NSDQ:BABY) bought out newborn baby care device maker Medix.
The San Carlos, Calif.-based children’s medical products maker paid $14 million in cash for the company, but the price could rise if certain revenue milestones are met in 2011 and 2012.
Cypress Bioscience Inc. (NSDQ:CYPB) sold its diagnostics business to Exagen Diagnostics Inc.
The deal includes $4 million in up-front payments over two years, with additional milestone and royalty payments that could boost the value of the transaction to $8 million. All of Cypress’ diagnostics employees will be offered jobs at Exagen, according to Cypress.
A British private equity firm, Permira, agreed to buy out a majority stake in Irish medical device maker Creganna-Tactx Medical.
Permira is taking over Altaris Capital Partners LLC’s stake in Creganna-Tactx; the rest of the company’s shareholders will keep their stakes, according to a press release. The Quinn family, including chairman Ian Quinn, and company management will retain their minority interests in the firm, according to Reuters.
Alcon Inc. (NYSE:ACL) named Robert Karsunky as its new CFO.