Stryker (NYSE:SYK) said today it has acquired approximately 95.5% of the share capital of French spinal implant maker Vexim, and that it plans to acquire the remaining shares soon.
The Kalamazoo, Mich.-based company said that it has since crossed the 95% threshold and that it intends to file a proposed public buy-out offer and a squeeze-out for the remaining shares in accordance with French tender offer laws and regulations.
Stryker is looking to pick up the remaining shares at approximately $24.88 (EU €20) per share through its buy-out offer, and said that both the buy-out offer and squeeze-out are subject to clearance from the French stock market authority.
The company said it expects the squeeze-out to occur during the second quarter of this year.
Vexim, located near Toulouse, France, was founded in February 2006 and has focused on the development of minimally invasive solutions for treating traumatic spinal pathologies, including its SpineJack implant designed to repair fractured vertebra and restore balance to the spinal column.
Vexim’s clinical trial of its SpineJack device, compared with balloon kyphoplasty, is on track for a bid for 510(k) clearance in the U.S. this year.
In December, Stryker said it completed a simplified public tender offer for Vexim, giving the company a 92.2% stake of its share capital and 91.6% of its voting rights.
The tender offer, opened Nov. 16 to Dec. 6, followed plans the company released last October toacquire the company in a deal worth $216 million.
