Medtronic Inc., of Minneapolis, today announced that it has completed its acquisition of CryoCath Technologies Inc., a purchase valued at $325 million.
A total of 41.1 million common shares of CryoCath were validly deposited at the time the offer expired, representing approximately 96.3 percent of CryoCath’s issued and outstanding common shares on a fully diluted basis.
Remaining common shares of CryoCath that have not been deposited under the offer are expected to be compulsorily acquired pursuant to the applicable provisions of Quebec’s Companies Act. After the compulsory acquisition is completed, Medtronic plans to have CryoCath apply to de-list its shares from the Toronto Stock Exchange and to apply to securities regulatory authorities.
