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Haemonetics (HAE) Announces Extension of Tender Offer for Global Med Technologies

March 18, 2010 7:16 AM EDT
Haemonetics Corporation (NYSE: HAE) today announced that it is extending its previously announced cash tender offer, through its wholly-owned subsidiary Atlas Acquisition Corp., for all outstanding shares of common and preferred stock of Global Med Technologies, Inc., until 12:00 midnight, Boston, Massachusetts time, on Wednesday, March 24, 2010. The tender offer, which was previously set to expire at midnight, Boston, Massachusetts time on March 18, 2010, was extended, with the consent of Global Med, in connection with the parties reaching an agreement in principle (formalized in a written memorandum of understanding) to settle the legal proceedings pending in connection with the tender offer. In connection with the proposed settlement, Global Med has agreed to provide supplemental disclosures in its solicitation/recommendation statement on Schedule 14D-9, and the parties have agreed to amend the related merger agreement to reduce the termination fee from $2,600,000 to $2,400,000. All other terms and conditions of the tender offer remain unchanged.

As of the close of business on March 17, 2010, 3,960 shares of preferred stock and 21,049,667 shares of common stock had been tendered in and not withdrawn from the offer. These tendered shares constituted 100% of the outstanding shares of preferred stock and approximately 55% of the outstanding shares of common stock (or approximately 40% of the common stock taking into account currently outstanding stock options and warrants).

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