Bayer affiliate completes offering period in Possis Medical merger

Medrad, an affiliate of Bayer HealthCare, has announced that its tender offer for the outstanding shares of common stock of Possis Medical has now been completed.

The offer depositary has advised the firm that at the expiration of the offer period on Tuesday afternoon, a total of 15,835,892 shares in Possis Medical had been validly tendered, representing around 93 per cent of the outstanding shares in the company.

Possis Medical is a developer, manufacturer and marketer of medical devices for the cardiovascular and vascular treatment markets, with its AngioJet System being the world’s leading thromectomy solution.

Medrad is a provider of medical devices and medical imaging products.

“Medrad, through its wholly owned subsidiary Phoenix Acquisition Corp has accepted for purchase all shares that were validly tendered in the offer,” the company said.

It adds that it will effect a merger of its subsidiary with Possis Medical as soon as possible without a vote or meeting of shareholders of Possis Medical.

With the merger, non-tendered shares, except those to which holders properly exercise appraisal rights, will be converted into the right to receive $19.50 (9.85 pounds) per share.

In February 2008, Bayer HealthCare announced that Medrad would be purchasing Possis Medical for a total sum of $361 million.