Kyphon Stockholders Approve Merger with Medtronic
October 16 2007 - 6:24PM
PR Newswire (US)
SUNNYVALE, Calif., Oct. 16 /PRNewswire-FirstCall/ -- Kyphon Inc.
(NASDAQ:KYPH) announced today that its stockholders approved the
adoption of the merger agreement with Medtronic, Inc. (NYSE:MDT) at
a special meeting of stockholders held today. As previously
announced, on July 26, 2007, Kyphon entered into a definitive
merger agreement with Medtronic, pursuant to which Medtronic agreed
to acquire all of the outstanding shares of Kyphon common stock for
$71.00 per share in cash. Consummation of the transaction remains
subject to customary closing conditions, including clearance from
antitrust authorities in Portugal and Turkey. The initial review
periods in both of these jurisdictions are scheduled to expire
later this month unless the antitrust authorities extend the
relevant periods. The parties intend to consummate the transaction
reasonably promptly following the receipt of the required antitrust
clearances in Portugal and Turkey and the satisfaction of the other
customary closing conditions contained in the merger agreement, but
in no event prior to November 1. About Kyphon Inc. Kyphon develops
and markets medical devices designed to restore and preserve spinal
function and diagnose the source of low back pain using minimally
invasive technologies. The company's products are used in balloon
kyphoplasty for the treatment of spinal compression fractures
caused by osteoporosis or cancer, in the Functional Anaesthetic
Discography(TM) (F.A.D.(TM)) procedure for diagnosing the source of
low back pain, and in the Interspinous Process Decompression
(IPD(R)) procedure for treating the symptoms of lumbar spinal
stenosis. More information about the company and its products can
be found at http://www.kyphon.com/ and its balloon kyphoplasty
patient education Web site, http://www.spinalfracture.com/. Kyphon
and IPD are registered trademarks, and Functional Anaesthetic
Discography and F.A.D. are trademarks, of Kyphon Inc.
Forward-Looking Statements This press release contains
forward-looking statements, within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995, about the completion of
the merger. Forward-looking statements are based on management's
current preliminary expectations and are subject to risks,
uncertainties and assumptions, which may cause Kyphon's actual
results to differ materially from the statements contained herein.
Factors that could cause actual results to differ materially from
management's current expectations include, without limitation, the
potential inability to obtain the regulatory clearances required to
complete the merger, or to do so in a timely manner, and the
possibility that other conditions to completion of the merger may
not be satisfied. Additional factors that may affect future results
are contained in Kyphon's periodic filings with the SEC, which are
available at the SEC's Web site http://www.sec.gov/. Kyphon
undertakes no obligation to release publicly any revisions to any
forward-looking statements contained herein to reflect events or
circumstances after the date hereof. KYPHG DATASOURCE: Kyphon Inc.
CONTACT: Investors and Media, Julie D. Tracy, Vice President, Chief
Communications Officer of Kyphon Inc., +1-408-548-6687, Web site:
http://www.kyphon.com/ http://www.spinalfracture.com/
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