DUBLIN, Wednesday, July 28th 2010 [ME NewsWire]:
(BUSINESS WIRE)-- Covidien (NYSE: COV), a leading global provider of healthcare products, today announced that it has completed the previously announced acquisition of Somanetics Corporation for an aggregate consideration of approximately $250 million, net of cash and short-term investments acquired.
Pursuant to the terms of the merger agreement, Covidien DE Corp., an indirect wholly-owned subsidiary of Covidien, exercised its option to purchase newly issued shares from Somanetics at the tender offer price of $25.00 per share. Following the purchase, Covidien DE Corp. owned sufficient shares to effect a short-form merger with and into Somanetics, which then became an indirect wholly-owned subsidiary of Covidien. Thereafter, Somanetics common shares ceased to be traded on the NASDAQ Global Market.
About Covidien
Covidien is a leading global healthcare products company that creates innovative medical solutions for better patient outcomes and delivers value through clinical leadership and excellence. Covidien manufactures, distributes and services a diverse range of industry-leading product lines in three segments: Medical Devices, Pharmaceuticals and Medical Supplies. With 2009 revenue of $10.7 billion, Covidien has 42,000 employees worldwide in more than 60 countries, and its products are sold in over 140 countries. Please visit www.covidien.com to learn more about our business.
For media enquiries, please contact:
Covidien
Eric Kraus,
508-261-8305
Senior Vice President
Corporate Communications
eric.kraus@covidien.com
Bruce Farmer, 508-452-4372
Vice President
Public Relations
bruce.farmer@covidien.com
Coleman Lannum, CFA,
508-452-4343
Vice President
Investor Relations
cole.lannum@covidien.com
Brian Nameth,
508-452-4363
Director
Investor Relations
brian.nameth@covidien.com
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