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.
Osteotech and Fridley, Minn.-based medical device colossus Medtronic announced the $123 million deal in mid-August, less than a week after dissident shareholders prepared to stage a coup overthrowing the Osteotech board.
Medtronic agreed to pay $6.50 per share for the company, a significant premium over Osteotech’s stock price, which hovered around $3.40 in the month leading up the acquisition announcement. Osteotech’s shares have since recovered. The company’s stock closed at $6.52 per share today, up 0.62 percent. Medtronic plans to roll the operation into the bone-healing division of its biologics business. The move will allow Medtronic to expand its orthopedic footprint into new treatment areas, including joint reconstruction, foot and ankle and sports medicine.
Osteotech sent a proxy statement regarding the waiting period reprieve to its shareholders today. A vote on the proposed merger is scheduled for Nov. 9, the company said.