St. Jude Medical Inc. said Thursday about 91.1 percent of AGA Medical Holdings Inc.'s outstanding stock was tendered by the Wednesday deadline as part of its $1.04 billion buyout of the rival heart device maker.
Another 6.7 percent of AGA stock was tendered by notices of guaranteed delivery.
St. Jude, which is based in St. Paul, Minn., offered to exchange either $20.80 in cash or 0.54 of a share of its 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.
St. Jude expects to complete the buyout Thursday through a short-form merger.
AGA 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
AGA Medical shares traded up 45 cents, or 2.2 percent, to $21.19. Shares of St. Jude Medical rose 78 cents to $39.30 in afternoon trading.