Endo Pharma (ENDP) Subsidiary Announces Expiration of HealthTronics (HTRN) Tender Offer
Endo Pharmaceuticals (Nasdaq: ENDP) today announced the expiration of the subsequent offering period of the tender offer by its wholly owned subsidiary, HT Acquisition Corp., for all of the outstanding shares of common stock of HealthTronics, Inc. (Nasdaq: HTRN). American Stock Transfer & Trust Company, the depositary for the tender offer, has advised Endo that, as of 5:00 p.m., New York City time, on July 9, 2010, the expiration of the subsequent offering period, approximately 42,011,700 shares were validly tendered and not withdrawn in the tender offer, representing approximately 92.5 percent of HealthTronics' issued and outstanding shares. Endo has accepted for payment and promptly paid for all shares validly tendered during the subsequent offering period.
Endo also announced that, to complete the acquisition of 100 percent of the common stock of HealthTronics, Endo will effect, without prior notice to, or any action by, any other HealthTronics stockholder, a short-form merger in which HT Acquisition Corp. will merge with and into HealthTronics, with HealthTronics surviving the merger and continuing as a wholly owned subsidiary of Endo. In the merger, each of the remaining untendered shares of HealthTronics common stock (other than shares as to which appraisal rights are properly demanded and perfected under Georgia law, if any) will be converted into the right to receive the same $4.85 per HealthTronics share, in cash, as was paid to HealthTronics' stockholders pursuant to the tender offer. The merger is expected to occur later today and a subsequent press release will be issued upon consummation of the merger. Following the merger, HealthTronics' common stock will cease to be traded on the NASDAQ Stock Market.
Endo also announced that, to complete the acquisition of 100 percent of the common stock of HealthTronics, Endo will effect, without prior notice to, or any action by, any other HealthTronics stockholder, a short-form merger in which HT Acquisition Corp. will merge with and into HealthTronics, with HealthTronics surviving the merger and continuing as a wholly owned subsidiary of Endo. In the merger, each of the remaining untendered shares of HealthTronics common stock (other than shares as to which appraisal rights are properly demanded and perfected under Georgia law, if any) will be converted into the right to receive the same $4.85 per HealthTronics share, in cash, as was paid to HealthTronics' stockholders pursuant to the tender offer. The merger is expected to occur later today and a subsequent press release will be issued upon consummation of the merger. Following the merger, HealthTronics' common stock will cease to be traded on the NASDAQ Stock Market.
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