Medtronic to acquire Kyphon |
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Published
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Fri, 27 Jul 2007 11:57
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MINNEAPOLIS (AP) - Medical device maker Medtronic Inc. on Friday said it would acquire fellow device maker Kyphon for $3.23 billion in cash in a bid to expand its spinal products business.Medtronic said it will pay $71 in cash for each Kyphon share, of which there were 45.6 million outstanding as of April 30. The companies put the total value of the deal at $3.9 billion.The offer is a premium of 32 percent to Kyphon's closing price Thursday. It was unanimously approved by directors of both companies.The deal, which is expected to close in the first calendar quarter of 2008, is expected to add to Medtronic earnings starting in the second full fiscal year after it closes.Medtronic said it would finance the purchase with cash on hand and debt.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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FDA clears Medtronic spinal device 