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.