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Home Industry News Covidien announces Aspect Medical Systems’ acceptance of tender offer

Covidien announces Aspect Medical Systems’ acceptance of tender offer

17th December 2009

Covidien has announced that the deadline for its tender offer for all of Aspect Medical Systems’ outstanding 2.50 per cent convertible senior notes due 2014 has expired.

The international medical company explained that the expiration occurred at midnight on December 11th and no extension was granted.

Aspect Medical Systems, which became a wholly-owned subsidiary of the firm in November, will purchase all notes tendered in the offer.

Covidien stated that the aggregate cost to acquire the notes tendered in the offer will stand at approximately $58.7 million (35.85 million pounds), including accrued and unpaid interest.

The firm concluded: “As a result of all outstanding notes being tendered in the offer, the amendments to the indenture described in the offer to purchase for the tender offer are unnecessary and will not be implemented.”

Last month, Covidien announced that it had completed the sale of its Oxygen Therapy assets to Chart Industries.

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