Medtronic and Kyphon Announce Early Termination of Waiting Period for Merger

The Federal Trade Commission (FTC) and the Department of Justice have granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act in connection with a merger agreement between Medtronic and Kyphon.

Completion of the merger, expected during the first quarter of 2008, is subject to approval of antitrust authorities in several other jurisdictions, the approval of Kyphon’s stockholders and other customary closing conditions, Medtronic said. A special meeting of Kyphon’s stockholders to vote on the merger is scheduled for Oct. 16.

Kyphon is also discussing a consent decree with the FTC that likely would result in divestiture of most, and potentially all, of the Confidence assets that Kyphon proposed to acquire from Disc-O-Tech Medical Technologies, Medtronic said.