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Endocare acquired by HealthTronics in cash-and-stock transaction
By Lisa Kerner
Charlotte, N.C., July 28 - HealthTronics, Inc. announced it completed the acquisition of Endocare, Inc. via a short-form merger following completion of its tender offer.
Endocare is now a wholly owned subsidiary of HealthTronics.
A total of 11,363,630 Endocare shares, or approximately 91.1% of Endocare's outstanding common stock, were validly tendered and acquired in the exchange offer that ended July 21, HealthTronics said.
Approximately 22.9% of Endocare's shares were tendered for cash consideration of $1.25 per share and approximately 77.1% were tendered for HealthTronics common stock consideration in the offer.
Because the stock election was oversubscribed, Endocare stockholders who elected stock consideration will receive approximately 0.7548 of a share of HealthTronics common stock and approximately $0.04 in cash per Endocare share, said HealthTronics.
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.
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