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Covidien completes tender offer for ev3 shares

Mon, 07/12/2010 - 3:45am
The Associated Press

Drug and medical device maker Covidien said Monday it completed a tender offer for ev3 Inc. and moved closer to closing its $2.6 billion buyout of the company.

Covidien announced plans to buy the company for $22.50 per share on June 1. At the time, the deal marked a 19 percent premium.

In a statement Monday, Covidien said it tendered just over 100.8 million shares of ev3 stock, representing about 87.7 percent of outstanding shares. Under a buyout deal, Covidien said COV Delaware Corp. will exercise its option to buy newly issued shares from ev3 at the tender offer price, which will permit Covidien to complete the buyout process.

Ev3 makes devices used in endovascular surgeries, or operations in which surgeons make small incisions and maneuver devices in the body through major blood vessels. Other products are used in neurovascular procedures, or procedures involving both blood vessels and nerves.

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