Greatbatch, Inc. Agrees To Acquire Enpath Medical, Inc. For $102 Million, Including The Assumption Of Debt
Greatbatch, Inc. (the “Company”) (NYSE:GB) and Enpath Medical, Inc. (Nasdaq:NPTH) announced today that they have entered into a definitive merger agreement under which Greatbatch will acquire Enpath for $14.38 per share in cash, or approximately $102 million, including assumption of debt. Under the terms of the agreement, Greatbatch will commence a tender offer for all of Enpath’s outstanding shares no later than May 8, 2007.
The proposed transaction is subject to customary closing conditions and regulatory approvals and the tender of a majority of Enpath’s outstanding shares, on a fully diluted basis. The purchase price will be funded out of Greatbatch’s available cash and the transaction is not subject to financing conditions. The transaction is expected to close in late June and has been unanimously approved by the Boards of Directors of both companies.
Enpath’s main product lines consist of the following:
-- Venous vessel introducers and valved introducers that enable
physicians to create a conduit through which they can insert
infusion catheters, implantable ports and pacemaker leads into
a blood vessel.
-- Advanced delivery catheters that can be manipulated to enable
the health care professional to access parts of the patient’s
anatomy that cannot be reached by traditional introducers.
-- Implantable stimulation leads, adaptors and delivery systems
for the cardiac and neuromodulation markets.
Thomas Hook, Greatbatch President and CEO stated, “Enpath represents an exciting strategic opportunity that is complementary and further expands our product and service offerings to the CRM and Neurostimulation marketplace. This acquisition broadens our market reach into the vascular segment with the core introducer product line as well as adding several major new OEM customers. Clearly these factors support our long-term objective of customer and market diversification. We welcome the employees of Enpath to the Greatbatch team and look forward to working with them and their strong management team.”
“We look forward to becoming part of the Greatbatch organization,” said John C. Hertig, President and CEO of Enpath Medical, Inc. “Our strategies for product innovation and growth are nicely aligned and together we believe we can accelerate the delivery of new product offerings to our customers. Greatbatch’s financial strength provides incremental funding for our product development pipeline initiatives. We believe this transaction provides a significant premium to our recent share price for Enpath’s shareholders, career growth opportunities for our associates and expands our ability to service our customers.”
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