St. Jude Medical (STJ) Shareholders Approve Abbott (ABT) Merger

October 26, 2016 4:52 PM EDT

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St. Jude Medical, Inc. (NYSE: STJ) announced that, based on the preliminary voting results from St. Jude Medical’s Annual Meeting of Shareholders held earlier today, St. Jude Medical shareholders approved the merger agreement under which Abbott (NYSE: ABT) will acquire St. Jude Medical.

Based on preliminary vote results, approximately 99 percent of voting St. Jude Medical shareholders cast their vote in favor of the merger, representing approximately 74 percent of St. Jude Medical’s outstanding stock as of the record date. The final vote results, including the other proposals’ results, will be available on a Form 8-K that St. Jude Medical plans to file with the Securities and Exchange Commission later this week.

Michael T. Rousseau, St. Jude Medical President and Chief Executive Officer, commented, “Today our shareholders voted overwhelmingly in favor of the merger with Abbott. This acquisition brings together two industry leaders with a shared passion for patients, innovation, and culture. The combined organization will create one of the world’s premier medical device companies and will provide customers a broad portfolio of products across cardiovascular diseases, chronic pain and movement disorders.”

The companies continue to expect the transaction to close by the end of the year, subject to regulatory approvals and satisfaction of customary closing conditions.

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