HealthTronics acquires 90.7% of Endocare's shares in exchange offer

By Lisa Kerner

Charlotte, N.C., July 22 - HealthTronics, Inc. said approximately 10,817,317 shares, or 90.7%, of Endocare, Inc.'s outstanding stock were tendered in HealthTronics exchange offer that ended on Tuesday.

The total number of shares tendered includes shares tendered under notices of guaranteed delivery, a HealthTronics news release said.

As previously reported, the offer was valued at $1.25 per share.

According to HealthTronics, approximately 77% of the Endocare shares tendered were tendered for HealthTronics common stock and approximately 23% were tendered for cash.

A maximum of 75% of Endocare shares can be tendered for HealthTronics common stock under the terms of the exchange offer, so the common stock elections are expected to be pro rated.

HealthTronics said holders of all Endocare restricted stock units and deferred stock units have tendered their shares of Endocare common stock underlying such units.

Final results and prorations will be announced.

Austin, Texas-based HealthTronics provides health-care services and manufactures medical devices primarily for the urology field.

Located in Irvine, Calif., Endocare develops minimally invasive medical devices used for tissue and tumor ablation.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.