Acquisition of Intermagnetics by Philips Clears U.S. Antitrust Regulatory Review Waiting Period
July 24 2006 - 7:00AM
PR Newswire (US)
LATHAM, N.Y., July 24 /PRNewswire-FirstCall/ -- Intermagnetics
General Corporation (NASDAQ:IMGC), announced today that the waiting
period under the Hart-Scott Rodino Antitrust Improvements Act of
1976 regarding the acquisition of Intermagnetics by Philips Holding
USA Inc., subsidiary of Koninklijke Philips Electronics, N.V.
(NYSE:PHGNYSE:AEX:NYSE:PHI), has expired. Completion of the
transaction remains subject to satisfaction or waiver of conditions
and terms of the merger agreement, European regulatory approval,
and the approval of Intermagnetics' shareholders. The merger is
expected to close during the fourth quarter of calendar 2006.
Intermagnetics (http://www.intermagnetics.com/) draws on the
financial strength, operational excellence and technical leadership
in the market of Magnetic Resonance Imaging (MRI), as well as its
expanding businesses within Medical Devices that encompass Invivo
Diagnostic Imaging (focusing on MRI components & imaging
sub-systems) and Invivo Patient Care (focusing on monitoring &
other patient care devices). Intermagnetics is also a prominent
participant in superconducting applications for Energy Technology.
The company has a 35-year history as a successful developer,
manufacturer and marketer of superconducting materials, high-field
magnets, medical systems & components and other specialized
high-value added devices. Forward-Looking Statements: This release
may contain certain forward-looking statements. By their nature,
forward-looking statements involve risk and uncertainty because
they relate to events and depend on circumstances that will occur
in the future, and there are many factors that could cause actual
results and developments to differ materially from those expressed
or implied by these forward-looking statements. IMPORTANT
ADDITIONAL INFORMATION WILL BE FILED WITH THE SEC: Intermagnetics
intends to mail to its stockholders and file with the Securities
and Exchange Commission (the "SEC") a Proxy Statement in connection
with the proposed transaction and to file other relevant materials
with the SEC. The Proxy Statement and other materials filed with
the SEC will contain important information about Intermagnetics,
Philips, the Merger and related matters. Investors and security
holders are urged to read the Proxy Statement carefully when it is
available. Investors and security holders will be able to obtain
free copies of the Proxy Statement and other documents filed with
the SEC by Intermagnetics and Philips through the web site
maintained by the SEC at http://www.sec.gov/. In addition,
investors and security holders will be able to obtain free copies
of the Proxy Statement from Intermagnetics by contacting Investor
Relations, Intermagnetics General Corporation, P.O. Box 461,
Latham, New York 12110-0461, or by telephoning (518) 782-1122, or
on Intermagnetics' web site at http://www.igc.com/. Intermagnetics
and its directors and executive officers also may be deemed to be
participants in the solicitation of proxies from the stockholders
of Intermagnetics in connection with the transaction described
herein. Information regarding the special interests of these
directors and executive officers in the transaction described
herein will be included in the Proxy Statement described above.
Additional information regarding these directors and executive
officers is also included in Intermagnetics' proxy statement for
its 2005 Annual Meeting of Stockholders, which was filed with the
SEC on or about September 26, 2005. This document is available free
of charge at the SEC's web site at http://www.sec.gov/ and from
Intermagnetics by contacting Investor Relations, Intermagnetics
General Corporation, P.O. Box 461, Latham, New York 12110-0461, or
by telephoning (518) 782-1122, or on Intermagnetics' web site at
http://www.igc.com/. DATASOURCE: Intermagnetics General Corporation
CONTACT: Glenn Epstein, Chairman and CEO, or Cathy Yudzevich,
Investor Relations Manager, , both of Intermagnetics General
Corporation, +1-518-782-1122 Web site:
http://www.intermagnetics.com/
Copyright
Intermagnetics General (NASDAQ:IMGC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Intermagnetics General (NASDAQ:IMGC)
Historical Stock Chart
From Sep 2023 to Sep 2024