St. Jude Medical Inc.
St. Jude Medical Inc. signed a definitive agreement to acquire EP Medsystems Inc. for $91.22 million on April 8, 2008.
The consideration comprises of an option to receive $3.00 of consideration for each EP MedSystems share in cash or St. Jude Medical common stock. The cash and stock elections are subject to pro-ration such that St. Jude Medical will issue 40% of the total merger consideration in St. Jude Medical common stock and 60% in cash. The termination fee for the transaction is $4 million. Following the close of the transaction, David Bruce, President and Chief Executive Officer is expected to join St. Jude Medical, and EP MedSystems will become part of the Atrial Fibrillation division of St. Jude Medical. In connection with this transaction, St. Jude Medical will record a special charge for in-process R&D.
The consideration comprises of an option to receive $3.00 of consideration for each EP MedSystems share in cash or St. Jude Medical common stock. The cash and stock elections are subject to pro-ration such that St. Jude Medical will issue 40% of the total merger consideration in St. Jude Medical common stock and 60% in cash. The termination fee for the transaction is $4 million. Following the close of the transaction, David Bruce, President and Chief Executive Officer is expected to join St. Jude Medical, and EP MedSystems will become part of the Atrial Fibrillation division of St. Jude Medical. In connection with this transaction, St. Jude Medical will record a special charge for in-process R&D.
- Login to post comments