Interventional device manufacturer Boston Scientific has completed the cash tender offer for all outstanding common stock shares of interventional device developer Rubicon Medical of Salt Lake City, UT. The depository for the bid, 30.8 million shares of Rubicon's common stock, when combined with the Rubicon stock Boston Scientific already owns, comprises 96% of Rubicon's outstanding common stock.
Natick, MA-based Boston Scientific plans to buy the remaining shares of Rubicon's common stock in a merger agreement under which Rubicon stockholders who did not sell their shares in the tender offer will receive the same consideration as those who did, $1.50 per share in cash, without interest, if Rubicon meets developmental milestones for its embolic protection filter device and similar products. No stockholder vote will be necessary for this merger, due to the fact that Boston Scientific has already acquired more than 90% of outstanding Rubicon shares, according to Boston Scientific.
By AuntMinnie.com staff writers
June 3, 2005
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