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ATS Medical shareholders approve sale to Medtronic

Thu, 08/05/2010 - 12:45pm
The Associated Press

Heart device maker ATS Medical Inc. said Thursday its shareholders have approved the company's $350 million sale to Medtronic Inc., the world's largest medical device maker.

ATS Medical said it held a shareholder meeting Thursday, and stockholders owning 61.3 million shares — or 75.3 percent of outstanding stock — voted in favor of the deal. Medtronic's offer values ATS at $4 per share, which was a 54 percent premium to its closing price the day before Medtronic made its bid.

Of shares that were voted at the meeting, ATS said 95.5 percent were voted in favor of the sale.

ATS shares were down a penny at $3.99 on Thursday, while Medtronic shares lost 9 cents to $37.81.

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