Medtronic Acquires CryoCath Technologies Inc.

Medtronic, Inc. has successfully acquired CryoCath Technologies Inc. at $8.75 (Canadian) per share under its previously announced offer dated Oct. 3.

A total of 41,136,460 common shares of CryoCath were validly deposited at the time the offer expired, representing approximately 96.3 % of CryoCath’s issued and outstanding common shares on a fully-diluted basis. These shares have been accepted for payment.

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.

CryoCath has annual sales of more than $40 million Canadian for its cryotherapy products to treat cardiac arrhythmias. Arctic Front, its flagship product, is a minimally invasive cryo-balloon catheter designed to treat atrial fibrillation.

SOURCE: Business Wire