Medtronic Acquires CryoCath Technologies Inc.
MINNEAPOLIS – Medtronic, Inc. (NYSE: MDT) announced today that it has been successful in its bid, through an indirect wholly-owned subsidiary, to acquire CryoCath® Technologies Inc. (TSX: CYT) at $8.75 Cdn per share under its previously announced offer dated October 3, 2008. The offer expired, as scheduled, at 8 p.m. EST on November 12, 2008. A total of 41,136,460 common shares of CryoCath were validly deposited at the time the offer expired, representing approximately 96.3 percent of CryoCath’s issued and outstanding common shares on a fully-diluted basis. These shares have been accepted for payment, which will be made on or before November 14, 2008.
In addition, the remaining common shares of CryoCath that have not been deposited under the offer are expected to be compulsorily acquired pursuant to the applicable provisions of the Companies Act (Québec). Upon completion of the compulsory acquisition, Medtronic intends to cause CryoCath to apply to de-list its shares from the Toronto Stock Exchange and to apply to securities regulatory authorities for it to cease to be a reporting issuer.
Medtronic, Inc. (www.medtronic.com), headquartered in Minneapolis, is the global leader in medical technology – alleviating pain, restoring health, and extending life for millions of people around the world.
CryoCath Technologies Inc. (www.cryocath.com) is a medical technology company that leads the world in cryotherapy products to treat cardiac arrythmias. The Company’s flagship product, Arctic Front®, is a minimally invasive cryo-balloon catheter designed specifically to treat Atrial Fibrillation. Marketed in Europe and the subject of a pivotal study in the United States and Canada, Arctic Front® has been used to treat approximately 3,100 patients. Arctic Front is not approved for marketing or sales in the United States or Canada.
Any forward-looking statements are subject to risks and uncertainties. Medtronic cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward looking statements include, but are not limited to, statements about the benefits of the acquisition, including future financial and operating results, post-acquisition plans, objectives, expectations and intentions and other statements that are not historical facts. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the ability to complete the compulsory acquisition; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the acquisition may not be fully realized or may take longer to realize than expected; disruption from the acquisition making it more difficult to maintain relationships with customers, employees or suppliers; and competition and its effect on pricing, spending, third-party relationships and revenues. Additional factors that may affect future results are contained in Medtronic’s Annual Report on Form 10-K for the year ended April 25, 2008. Actual results may differ materially from anticipated results. Medtronic disclaims any obligation to update and revise statements contained in this release based on new information or otherwise.
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