DSM tender offer for Kensey Nash is successful; acquisition expected to close within next few days
(Thomson Reuters ONE) -
Royal DSM (NYSE Euronext: DSM KON), the global Life Sciences and Materials
Sciences company, announced today that its tender offer to purchase all
outstanding shares of common stock of Kensey Nash Corporation (NASDAQ: KNSY) at
a price of $38.50 per share was successful.
The tender offer expired at 12:00 midnight, New York City time, on Monday, June
18, 2012. The depositary for the tender offer has advised that, as of such time,
a total of 7,151,081 Kensey Nash shares of common stock were validly tendered
and not withdrawn in the offer (including 276,900 shares tendered by notices of
guaranteed delivery), representing approximately 82% of Kensey Nash's currently
outstanding shares, and approximately 79% excluding the shares tendered by
notices of guaranteed delivery. DSM has accepted for payment all validly
tendered shares.
As part of the merger agreement, Kensey Nash granted to DSM an irrevocable
option (the "top-up option") to purchase the number of authorized but unissued
shares of Kensey Nash common stock that, when added to the number of shares
owned by DSM immediately prior to exercise of the top-up option, constitutes one
share more than 90% of the number of shares then outstanding. DSM plans to
exercise the top-up option and to complete a short-form merger in accordance
with the merger agreement within the next few days. In the short-form merger,
Biomedical Acquisition Corporation will merge with and into Kensey Nash and each
share of Kensey Nash common stock not tendered in the tender offer, other than
those as to which holders exercise appraisal rights under Delaware law and those
held by DSM or Kensey Nash or their respective wholly-owned subsidiaries, will
be converted in the merger into the right to receive $38.50 per share in cash,
without interest and less any required withholding taxes. This is the same price
per share paid in the tender offer.
Kensey Nash
Kensey Nash is a medical device company primarily focused on regenerative
medicine utilizing its proprietary collagen and synthetic polymer technology.
The company is recognized as a leader for innovative product development and
unique technology in the field of resorbable biomaterials. The company has an
extensive range of products, which are sold through strategic partners in
multiple medical markets, including the cardiology, orthopedic, sports medicine,
spine, trauma, craniomaxillofacial and general surgery markets. For more
information, visit http://www.kenseynash.com.
DSM - Bright Science. Brighter Living.(TM)
Royal DSM is a global science-based company active in health, nutrition and
materials. By connecting its unique competences in Life Sciences and Materials
Sciences DSM is driving economic prosperity, environmental progress and social
advances to create sustainable value for all stakeholders. DSM delivers
innovative solutions that nourish, protect and improve performance in global
markets such as food and dietary supplements, personal care, feed,
pharmaceuticals, medical devices, automotive, paints, electrical and
electronics, life protection, alternative energy and bio-based materials. DSM's
22,000 employees deliver annual net sales of around ? 9 billion. The company is
listed on NYSE Euronext. More information can be found at www.dsm.com.
For more information:
DSM Corporate Communications DSM Investor Relations
Herman Betten Hans Vossen
tel. +31 (0) 45 5782017 tel. +31 (0) 45 5782864
fax +31 (0) 45 5740680 fax +31 (0) 10 4590275
e-mail media.relations(at)dsm.com e-mail investor.relations(at)dsm.com
Kensey Nash
Joseph W. Kaufmann
Tel. +1 484 713 2100
Press Release-pdf:
http://hugin.info/130663/R/1620488/517721.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: DSM N.V. via Thomson Reuters ONE
[HUG#1620488]
Unternehmensinformation / Kurzprofil:
Datum: 19.06.2012 - 08:16 Uhr
Sprache: Deutsch
News-ID 157624
Anzahl Zeichen: 4723
contact information:
Town:
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Kategorie:
Business News
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