Market Updates
Medtronic to Acquire Kyphon for $3.9 B
Elena
27 Jul, 2007
New York City
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The transaction represents a 32% premium to Kyphon''''s closing price of $53.68 on Thursday. The deal is expected to close in the first quarter of 2008. It is not expected to contribute to earnings in the first full year after the deal and provide a boost to the bottom line after that.
[R]8:15AM Medtronic agreed to buy Kyphon for $3.9 billion.[/R]
Medical technology group Medtronic Inc. ((MDT)) announced on Friday an agreement to buy Kyphon Inc. ((KYPH)) for $3.9 billion, or $71 a share. The transaction represents a 32% premium to Kyphon''s closing price of $53.68 on Thursday. The deal is expected to close in the first quarter of 2008. It is not expected to contribute to earnings in the first full year after the deal and provide a boost to the bottom line after that.
The acquisition is expected to biist the growth of Medtronic''s existing spinal business and enable it to provide physicians with a broader range of therapies, the company said. Separately Kyphon, a developer of medical devices to restore and preserve spinal function, said it earned 23 cents-a-share in Q2, up from 21 cents-a-share a year earlier.
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