Bayer HealthCare Affiliate MEDRAD Successfully Completes Tender Offer for Shares of Possis Medical; Announces Subsequent Offering Period
Leverkusen, Germany, / Pittsburgh, PA, USA, March 2008 – Bayer HealthCare affiliate MEDRAD, Inc. announced today that it has successfully completed its tender offer for the outstanding shares of common stock of Possis Medical, Inc. (Nasdaq: POSS). The depositary for the offer has advised MEDRAD that, as of the expiration of the offer at 5:00 p.m., New York City time, on Tuesday, March 25, 2008, a total of 14,951,550 Possis Medical shares were validly tendered in the offer and not withdrawn which, together with 715,141 shares to be tendered under guaranteed delivery procedures, represents approximately 92.0 percent of the outstanding common stock of Possis Medical. Shares to be tendered under guaranteed delivery procedures are required to be delivered by Friday, March 28, 2008. MEDRAD, through its wholly owned subsidiary Phoenix Acquisition Corp. has accepted for purchase all shares that were validly tendered in the offer.
MEDRAD also announced that Phoenix Acquisition Corp. has commenced a subsequent offering period for all the remaining untendered shares that will expire at 5:00 p.m. New York City time, on Tuesday, April 1, 2008. During this subsequent offering period, Possis Medical shareholders who have not tendered their shares into the offer may do so and will promptly receive US-Dollar 19.50 per share, net to the seller in cash, without interest thereon and subject to reduction for any applicable withholding taxes. Shares tendered during the subsequent offering period may not be withdrawn.
MEDRAD, Inc. is a worldwide leading provider of medical devices and services thatenable and enhance imaging procedures of the human body. Used in diagnostic imaging, MEDRAD’s product offerings include a comprehensive line of vascular injection systems, magnetic resonance (MR) surface coils and patient care products, and equipment services. Total 2007 revenues were US-Dollar 525 million. MEDRAD is a 2003 recipient of the Malcolm Baldrige National Quality Award, the top honor a U.S. company can receive for quality and business excellence. The company’s world headquarters is near Pittsburgh, Pennsylvania, in the United States. MEDRAD is an affiliate of Bayer AG and employs over 1,700. More company information is available at www.MEDRAD.com.
This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer Group or subgroup management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
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