Medtronic and Kyphon Complete Merger
BY LAUREN UZDIENSKI, NOVEMBER 2, 2007
Medtronic announced today the completion of their acqusition of Kyphon. News of the closing comes earlier than expected; at the time the merger was first announced, Medtronic anticipated a 1Q:08 closing.
Stockholders will receive $71.00 per share in cash for each share of Kyphon common stock they own. The total value of the transaction, including the payment of Kyphon debt, is approximately $4.2 billion.
Additionally, Kyphon completed its acquisition of the non-vertebroplasty assets of Disc-O-Tech Medical Technologies, Ltd. and announced that the company has entered into a definitive agreement to divest the Disc-O-Tech Confidence product line. The FTC reported in October that Kyphon would be required to divest of the Confidence assets to address antitrust concerns.
