Kinetic Concepts Inc. (KCI) has completed its initial tender offer for the outstanding shares of LifeCell Corp., clearing the way for LifeCell to become a wholly owned subsidiary of KCI.
KCI bought 91.3 percent of the LifeCell's outstanding shares at a price of $51 per share. LifeCell's shareholders sold a total of 31.25 million shares in the offering. These shareholders have agreed to deliver their shares to KCI by May 21.
KCI has agreed to extend the offering period until May 23 to give any holdover shareholders the option of tendering their stock to the San Antonio medical technology company at the $51 per share price. Following the offer, LifeCell's common stock will cease being traded on the NASDAQ Global Market.
LifeCell is a Branchburg, N.J.-based company that is involved in the development, processing and marketing of tissue-based products for use in reconstructive, orthopedic and urogynecologic surgical procedures. LifeCell has more than 400 employees.
San Antonio-based KCI designs and manufactures advanced wound-care devices, hospital beds and related overlays. The company has operations in 19 countries worldwide.
SOURCE: San Antonio Business Journal