Intermagnetics General moves on step closer to purchase of Invivo

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Intermagnetics General Corp. on Wednesday cleared a major regulatory hurdle in its quest to acquire Invivo Corp.

On Wednesday, Intermagnetics passed the waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976, allowing the company to proceed with the transaction. Intermagnetics last month offered $22 per share in cash for all of Invivo's stock. The Latham, N.Y.-based company expects to complete the acquisition by the end of this month.

Invivo designs, manufactures and markets monitoring systems that measure and display vital signs of patients in healthcare facilities, primarily during MRI procedures. Intermagnetics' largest current business sector consists of designing and manufacturing superconducting magnets for MRI systems, as well as radio frequency coils.

Intermagnetics started its acquisition discussions with the Pleasanton, Calif. firm in November 2003.