SUNNYVALE, Calif. (AP) - Kyphon Inc., which makes spinal implants, said
Thursday that an independent proxy advisory firm recommended stockholders vote
to support the proposed acquisition of the company by medical device maker
Medtronic Inc.
Institutional Shareholder Services, the independent proxy advisory firm,
said Thursday that based on the deal's terms and the market premium, the
agreement warrants shareholder support at Kyphon's special stockholders meeting
on Oct. 16.
Minneapolis-based Medtronic said Wednesday that the German Federal Cartel
Office cleared the company's planned $3.9 billion buyout of Kyphon. The deal
still needs approvals from other antitrust authorities to proceed.
The transaction was announced in July.
Sunnyvale, Calif.-based Kyphon designs medical devices to treat and restore
the spine in the U.S. and Europe. Its shares rose 20 cents to close at $69.65.
Medtronic's stock rose 38 cents to close at $56.60.
Copyright 2007 Associated Press. All rights reserved. This material may not be
published, broadcast, rewritten, or redistributed.
|