Covidien (COV) To Acquire VNUS Medical (VNUS) For $29/Share
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- Covidien (COV) To Acquire VNUS Medical (VNUS) For $29/Share
Covidien (NYSE: COV) reached a definitive agreement to acquire VNUS Medical Technologies, Inc. (NASDAQ: VNUS) for $29 per share, or $440 million net of cash.
Shares of VNUS closed at $21.32 yesterday.
Assuming a second calendar quarter closing, Covidien expects this transaction to dilute fiscal 2009 GAAP earnings per share, primarily due to a one-time charge for in-process research and development (IPR&D). On a non-GAAP basis, excluding IPR&D, the transaction is expected to be slightly dilutive to 2009 earnings per share; however, the underlying strength of Covidien’s existing businesses is expected to offset this dilution. As a result, Covidien does not anticipate this transaction will have a material impact on its fiscal 2009 sales or operating margin outlook.
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