- Published: 13 November 2008
- Written by Editor
CryoCath Technologies Inc. acquired by Medtronic
CryoCath(R) Technologies Inc. ("CryoCath" or the "Company") (TSX: CYT.TO) today announced that Medtronic, Inc. (NYSE: MDT) has been successful in its bid, through an indirect wholly-owned subsidiary, to acquire CryoCath at $8.75 per share under its previously announced offer dated October 3, 2008. The offer expired as scheduled at 8:00 p.m. (Eastern Time) on November 12, 2008. A total of 41,136,460 common shares of CryoCath were validly deposited at the expiry time of the offer, representing approximately 96.3% of CryoCath's issued and outstanding common shares on a fully-diluted basis. These shares have been accepted for payment by Medtronic and Medtronic has announced that payment will be made on or before November 14, 2008.
In addition, the remaining common shares of CryoCath that have not been deposited under the offer are expected to be compulsorily acquired pursuant to the applicable provisions of the Companies Act (Qu�bec). Upon completion of the compulsory acquisition, Medtronic intends to cause CryoCath to apply to de-list its shares from the Toronto Stock Exchange and to apply to securities regulatory authorities for it to cease to be a reporting issuer.
Medtronic, Inc. (www.medtronic.com), headquartered in Minneapolis, is the global leader in medical technology - alleviating pain, restoring health, and extending life for millions of people around the world.
CryoCath Technologies Inc. (www.cryocath.com) is a medical technology company that leads the world in cryotherapy products to treat cardiac arrythmias. The Company's flagship product, Arctic Front(R), is a minimally invasive cryo-balloon catheter designed specifically to treat Atrial Fibrillation. Marketed in Europe and the subject of a pivotal study in the United States and Canada, Arctic Front(R) has been used to treat approximately 3,100 patients. Arctic Front is not approved for marketing or sales in the United States or Canada.
This press release includes "forward-looking statements" that are subject to risks and uncertainties, including with respect to the timing of regulatory trials and their outcome. For information identifying legislative or regulatory, economic, climatic, currency, technological, competitive and other important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, see CryoCath's annual report available at www.sedar.com under the heading Risks and Uncertainties in the Management's Discussion and Analysis section.
SOURCE: CryoCath Technologies Inc.