Pyng Medical (CVE:PYT) and Teleflex (NYSE:TFX) said yesterday that they closed their $8.6 million merger, making Pyng a subsidiary of Teleflex Canada.
Teleflex paid 30.2¢ apiece for the roughly 28.5 million shares in Pyng, which makes intraosseous infusion technology, pelvic stabilization & emergency tourniquet devices. Pyng shareholders approved the takeover last week. The Supreme Court of British Columbia approved the deal March 29, the companies said.
“We are pleased to be able to announce the acquisition of Pyng by Teleflex Medical as the successful outcome of our review of strategic alternatives for the company. Pyng has a highly innovative portfolio of proprietary emergency medical products. Given the capital and marketing expertise required to fully exploit these products, we believe this is an attractive result for our shareholders and that Teleflex will be able to achieve significant market potential for Pyng’s products,” chairman Ronald Blanck said in prepared remarks when the deal was announced in February.
