Haemonetics Corp. (NYSE HAE) owns about 90 percent of GlobalMed Technologies Inc. this morning, after its extended tender offer for the California-based software provider expired at midnight March 31.
In early February, Braintree, Mass.-based Haemonetics issued a $1.22-per-share offer, worth about $60 million and originally set to expire March 18, for GlobalMed. The offer was extended to give GlobalMed time to settle a lawsuit filed by shareholders alleging that GlobalMed’s managers breached their fiduciary duty by agreeing to a deal that undervalues the company.
As of March 18 about 55 percent of GlobalMed’s common stock, about 21.1 million shares, had been tendered along with all of the software provider’s preferred stock. By the end of the month about 89.7 percent of the common stock was tendered, roughly 34.4 million shares.
The remainder will be acquired in a "short form" merger that doesn’t require the approval of GlobalMed’s remaining stockholders, according to a press release.
When the deal was announced Feb. 1, Haemonetics executives said it would significantly expand the company’s offerings for blood-collection centers and broaden its footprint in Europe and Asia. GlobalMed’s domestic operations include Wyndgate Technologies, supplying software products and services to donor centers and hospital transfusion services; eDonor, a web-based donor relationship management system; and PeopleMed, offering validation, consulting and compliance software. The company also operates an European subsidiary, Inlog SA, providing cellular therapy software in addition to donor center and transfusion management tools.