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Medtronic, Kyphon merger clears waiting period hurdle, deal could close in 1Q 2008
By Lisa Kerner
Charlotte, N.C., Sept. 11 - The Federal Trade Commission and the U.S. Department of Justice Antitrust Division granted early termination of the Hart-Scott-Rodino waiting period in the proposed merger of Medtronic, Inc. and Kyphon Inc.
The companies expect the transaction to close in the first quarter of 2008, pending Kyphon stockholder approval on Oct. 16, a company news release stated.
On July 27, Kyphon agreed to be acquired by Medtronic for $71 cash per share. As previously reported, both companies' boards of directors have approved the transaction, which is valued at some $3.9 billion, excluding $320 million in payments related to the St. Francis Medical Technologies, Inc. and Disc-O-Tech Medical Technologies, Ltd. transactions.
Medtronic's spinal surgery focus has been on younger patients suffering from scoliosis and degenerative disc disease in the cervical and lumbar spine. The company is based in Minneapolis.
Kyphon, a Sunnyvale, Calif., medical device company, specializes in the treatment of older patients suffering from vertebral compression fractures and spinal stenosis.
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