SUNNYVALE, Calif., Oct. 16 /PRNewswire-FirstCall/ -- Kyphon Inc. (Nasdaq: KYPH) announced today that its stockholders approved the adoption of the merger agreement with Medtronic, Inc. (NYSE: MDT) at a special meeting of stockholders held today.
As previously announced, on July 26, 2007, Kyphon entered into a definitive merger agreement with Medtronic, pursuant to which Medtronic agreed to acquire all of the outstanding shares of Kyphon common stock for $71.00 per share in cash. Consummation of the transaction remains subject to customary closing conditions, including clearance from antitrust authorities in Portugal and Turkey. The initial review periods in both of these jurisdictions are scheduled to expire later this month unless the antitrust authorities extend the relevant periods. The parties intend to consummate the transaction reasonably promptly following the receipt of the required antitrust clearances in Portugal and Turkey and the satisfaction of the other customary closing conditions contained in the merger agreement, but in no event prior to November 1.
About Kyphon Inc.
Kyphon develops and markets medical devices designed to restore and
preserve spinal function and diagnose the source of low back pain using
minimally invasive technologies. The company's products are used in balloon
kyphoplasty for the treatment of spinal compression fractures caused by
osteoporosis or cancer, in the Functional Anaesthetic Discography(TM)
(F.A.D.(TM)) procedure fo
|SOURCE Kyphon Inc.|
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