Covidien, a global provider of healthcare products to medical device industries, has completed the acquisition of Somanetics for an aggregate consideration of approximately $250m, 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.
Covidien is a global healthcare products company that creates medical solutions for better patient outcomes and delivers value through clinical leadership and excellence.
Covidien manufactures, distributes and services a diverse range of product lines in three segments Medical Devices, Pharmaceuticals and Medical Supplies.