St. Jude Medical (NYSE:STJ) said yesterday that its shareholders voted to approve its pending, $25 billion buyout by Abbott (NYSE:ABT).
Preliminary results showed that about 99% of shareholders at the annual meeting voted to OK the deal, representing about 74% of all outstanding stock. Little Canada, Minn.-based St. Jude said it plans to release the final vote results in an SEC filing later this week.
“Today our shareholders voted overwhelmingly in favor of the merger with Abbott. This acquisition brings together 2 industry leaders with a shared passion for patients, innovation, and culture. The combined organization will create 1 of the world’s premier medical device companies and will provide customers a broad portfolio of products across cardiovascular diseases, chronic pain and movement disorders,” president & CEO Michael Rousseau said in prepared remarks.
St. Jude said it and Abbott still plan to close the deal, which must still pass reviews by anti-trust regulators in the U.S. and Europe, by the end of the year. In July, the Federal Trade Commission asked for more information about the merger; the European Commission is slated to decide by Nov. 9 whether to bless the union.
Earlier this month, Abbott and St. Jude each agreed to divest some of their vascular access products, likely aiming to appease the anti-monopoly agencies. Japan’s Terumo Corp. (TYO:4543) paid $1.12 billion for St. Jude’s Angio-Seal and Femoseal vascular closure devices and Abbott’s Vado steerable sheath, but Abbott said it would retain its overall vascular closure business.
Abbott CEO Miles White last week praised St. Jude’s handling of claims by short-seller Muddy Waters that its implantable heart devices pose cybersecurity risks and said he’s still planning to close the sale by the end of year.
