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Home » Haemonetics extends GlobalMed offer

Haemonetics extends GlobalMed offer

March 18, 2010 By MassDevice staff

HAE logo

Haemonetics Corp. (NYSE:HAE) extended its offer for GlobalMed Technologies Inc. to give the California-based software provider time to settle a shareholders lawsuit filed to block the acquisition.

Braintree, Mass.-based Haemonetics issued a $1.22-per-share offer, worth about $60 million and set to expire tonight at midnight, for GlobalMed Feb. 1.

That deadline is now midnight March 24, to give GlobalMed time to settle a lawsuit filed Feb. 11 in the District Court of Jefferson County, Colo., by shareholders alleging that GlobalMed’s managers breached their fiduciary duty by agreeing to a deal that undervalues the company. The lawsuit also alleges that the bidding mechanism for the sale was inadequate, according to securities filings.

To help settle the suit, Haemonetics and the software maker agreed to lower the fee due to Global Med if the deal founders by $200,000. Haemonetics was to have paid a $2.6 million kill fee, which is now set at $2.4 million. Global Med also agreed to amend a securities filing to help settle the shareholders suit.

Haemonetics said about 55 percent of GlobalMed common stock shares, about 21.1 million shares, had been tendered as of the close of business March 17. All preferred shares have been tendered as well.

When the deal was announced, 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.

“At its core, effective blood management is software,” Haemonetics CEO Brian Concannon said during a Feb. 1 conference call discussing the deal and fiscal third-quarter results for the Braintree, Mass.-based company. Concannon said the company should have about $100 million in cash on hand after the deal is completed.

Filed Under: Blood Management, Business/Financial News, News Well Tagged With: GlobalMed Technologies, Haemonetics

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