St. Jude Medical Shareholders Approve Merger with Abbott
October 26 2016 - 4:11PM
Business Wire
St. Jude Medical, Inc. (NYSE: STJ), a global medical device
company, today announced that, based on the preliminary voting
results from St. Jude Medical’s Annual Meeting of Shareholders held
earlier today, St. Jude Medical shareholders approved the merger
agreement under which Abbott (NYSE: ABT) will acquire St. Jude
Medical.
Based on preliminary vote results, approximately 99 percent of
voting St. Jude Medical shareholders cast their vote in favor of
the merger, representing approximately 74 percent of St. Jude
Medical’s outstanding stock as of the record date. The final vote
results, including the other proposals’ results, will be available
on a Form 8-K that St. Jude Medical plans to file with the
Securities and Exchange Commission later this week.
Michael T. Rousseau, St. Jude Medical President and Chief
Executive Officer, commented, “Today our shareholders voted
overwhelmingly in favor of the merger with Abbott. This acquisition
brings together two industry leaders with a shared passion for
patients, innovation, and culture. The combined organization will
create one of the world’s premier medical device companies and will
provide customers a broad portfolio of products across
cardiovascular diseases, chronic pain and movement disorders.”
The companies continue to expect the transaction to close by the
end of the year, subject to regulatory approvals and satisfaction
of customary closing conditions.
About St. Jude Medical
St. Jude Medical is a leading global medical device manufacturer
and is dedicated to transforming the treatment of some of the
world’s most expensive epidemic diseases. The company does this by
developing cost-effective medical technologies that save and
improve lives of patients around the world. Headquartered in St.
Paul, Minn., St. Jude Medical has five major areas of focus that
include atrial fibrillation, heart failure, neuromodulation,
cardiovascular and traditional cardiac rhythm management. For more
information, please visit sjm.com or follow us on Twitter
@StJudeMedicalIR.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainties. Such forward-looking
statements include the expectations, plans and prospects for the
company, including potential clinical successes, reimbursement
strategies, anticipated regulatory approvals and future product
launches, and projected revenues, margins, earnings and market
shares. The statements made by the company are based upon
management’s current expectations and are subject to certain risks
and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements.
These risks and uncertainties include market conditions and other
factors beyond the company’s control and the risk factors and other
cautionary statements described in the company’s filings with the
SEC, including those described in the Risk Factors and Cautionary
Statements sections of the company’s Annual Report on Form 10-K for
the fiscal year ended January 2, 2016 and Quarterly Report on Form
10-Q for the fiscal quarter ended July 2, 2016. The company does
not intend to update these statements and undertakes no duty to any
person to provide any such update under any circumstance.
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version on businesswire.com: http://www.businesswire.com/news/home/20161026006827/en/
St. Jude Medical, Inc.Media Contact:Candace Steele Flippin,
651-756-3029csflippin@sjm.comorInvestor Contact:J.C. Weigelt,
651-756-4347jweigelt@sjm.com
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