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Home » Sorin, Cyberonics jump after Italian court clears way for $3B merger

Sorin, Cyberonics jump after Italian court clears way for $3B merger

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Sorin and Cyberonics mergerShares of Sorin Group (BIT:SRN) and Cyberonics (NSDQ:CYBX) jumped today after the medical device companies said the way is clear for the consummation of their $2.7 billion merger.

Sorin said a Milan court dismissed a claim brought by an Italian state attorney seeking to prevent Sorin from dodging a $3.76 billion environmental lawsuit filed against its former corporate parent.

“We welcome the court’s expeditious review of this matter and we continue to make good progress towards the creation of LivaNova. We will continue to diligently dialogue with the competent Italian authorities on the issues that have been raised,” CEO André-Michel Ballester said in prepared remarks.

Cyberonics, which also crushed expectations for its fiscal 1st quarter today, said it’s slated to hold a shareholders meeting Sept. 22 for a vote on the deal. The companies said they expect the deal to close during the 4th quarter.

Houston-based Cyberonics posted profits of $12.4 million, or 47¢ per share, on sales of $81.0 million for the 3 months ended July 24, for an -8.1% bottom-line ebb on sales growth of 12.5%.

Analysts on Wall Street, however, were looking for sales of just $76.8 million and adjusted earnings of 62¢, which Cyberonics beat by a full dime.

The merger and earnings news sent SRN shares up 5.0%, to €2.73 apiece, in late-day activity. CYBX shares were up 6.8% to $64.50 apiece.

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