German-based Bayer has bought majority stake in Conceptus, a birth control manufacturer, and expects the purchase of the entire Californian firm for $1.1bn to close soon.
According to Bayer, over 96% of the company’s outstanding shares were not withdrawn and validly tendered during an offer period, which ended on 4 June and this amounts to approximately 32 million shares.
From Conceptus stock, every outstanding share will be cancelled and then converted into a right to receive a cash of $31 for each share.
In April 2013, Bayer announced its plans to buy Conceptus and in May, it received clearance from the Federal Trade Commission for the acquisition.
Bayer CEO Marijn Dekkers said, "We are pleased with Conceptus stockholders’ positive response to our offer."
Mountain View-headquartered Conceptus manufactures Essure, a birth-control method in which metal and polyester coils are inserted to block fallopian tubes and this whole procudure can be performed in a clinic in just 10 minutes. Bayer also sells intrauterine equipment and birth control pills.