Endovascular device firms ev3 and Micro Therapeutics (MTI) have announced a merger agreement in which ev3 would acquired the remaining 29.9 percent of MTI shares not already owned by ev3's wholly owned subsidiary.
Under the deal, MTI stockholders would receive 0.476289 of a share of ev3 stock for each share of MTI stock that they own. The exchange ratio represents a 4 percent increase in the number of ev3 shares to be issued to each MTI stockholder from the proposed exchange ratio announced recently.
Ev3 would issue roughly 6.9 million new shares of its common stock to MTI stockholders upon the closing of the transaction, bringing ev3's total outstanding shares to roughly 56.1 million. The transaction, which is subject to SEC approval, is expected to be completed in the first quarter of 2006, the firms said.
Ev3 focus on endovascular technologies for the minimally invasive treatment of vascular diseases and disorders. MTI develops, manufactures and markets minimally invasive medical devices for the diagnosis and treatment of vascular disease. Ev3 owns about 70.1 percent of MTI shares.
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