Teleflex picks up Vascular Solutions for $1 billion
The $56-per-share sale brought a portfolio of more than 90 coronary and peripheral vascular devices under Teleflex’s umbrella. When the deal was announced last December, Teleflex CEO Benson Smith said that part of the acquisition’s appeal was that the portfolio creates synergies because it “fits into our existing strategic business unit franchises and call points.”
In January a group of shareholders sued to block the merger, arguing that the deal undervalued Vascular Solutions and locked out any competing bids. The purported class action, filed Jan. 27 in the U.S. District Court for Minnesota, alleged that the $56-per-share Teleflex deal is an “inadequate consideration” for Vascular Solutions.