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St. Jude Medical buys AGA for $1.04 billion

Fri, 11/19/2010 - 5:45am
The Associated Press

St. Jude Medical Inc. says it has completed its $1.04 billion buyout of rival heart device maker AGA Medical Holdings Inc.

St. Jude Medical said late Thursday that about 91.1 percent of AGA Medical Holdings Inc.'s outstanding shares had been tendered by the Wednesday deadline as part the buyout. Another 6.7 percent of AGA stock was tendered by notices of guaranteed delivery.

The St. Paul, Minn., company offered to exchange either $20.80 in cash or 0.54 of a share of St. Jude common stock for each AGA Medical share as part of an acquisition offer announced in October. It said it calculated the exchange rate by dividing the cash amount by $38.54, which is a volume-weighted average of recent daily closing prices for its stock.

AGA, based in Plymouth, Minn., will become part of St. Jude's cardiovascular business, which makes vascular closure and heart valve products. AGA makes devices used to repair structural heart defects and treat vascular diseases.

St. Jude shares rose 2 cents to $39.33 on morning trading Friday.

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